Midcaps plunge in early trade on reported margin call pressure

MUMBAI: Many midcaps, including Tulip Telecom, Everonn Education, Parsvnath Developers, Radico Khaitan, Glodyne Techno, Pipavav Defence, SRS and Nitin Fire, plunged in early trade. According to dealers, there were rumours that operators were dumping these stocks after margin calls were triggered.

At 10:00 a.m., Tulip Telecom plunged 36.07 per cent, Everonn Education was down 13.43 per cent, Radico Khaitan fell 19.05 per cent, Pipavav Defence & Offshore Engineering was down 19.96 per cent and Glodyne Technoserve fell 20 per cent.

The BSE Midcap Index fell 1.30 per cent while the Sensex was 0.25 per cent lower.