Arvind Fashions hits 5% upper circuit for 2nd consecutive day

NEW DELHI: Shares of Arvind Fashions hit the 5 per-cent upper circuit on Monday morning for the 2nd consecutive day. It was listed on Friday at a price of Rs 591.75, but consequently ended the day at Rs 621.30.

On Monday, the scrip closed at Rs 652.35, up 5 per cent while the benchmark BSE Sensex stood 1.04 per cent higher at 37,054.10.

Investors of Arvind Fashions faced confusion on Friday, as the demerged entity of Arvind, which got listed on stock exchanges, opened at a price that was much lower than the Street estimates.


“There was some confusion over the calculations, which the exchanges made based on their understating of the value of the demerged company,” Deepak Jasani, Head of Retail Research at HDFC Securities, told ETMarkets.com.

According to a report by ET NOW, a complaint was filed and the stock exchanges were looking into it. Investors were expecting corrective steps soon, the report suggested.

Meanwhile, the shares of Arvind Fashions opened at Rs 652.35 on BSE against its previous closing of Rs 621.30.