PC Jeweller Crashed Nearly 60 Percent In Morning Following Further Correction

PC Jeweller crashed nearly 60 percent in morning following further correction in Vakrangee wherein the company holds some stake, but post the management clarification saying there is no business interest with the IT firm, the stock recovered half of losses to trade lower by 30 percent.

Investors in Vakrangee, which was locked at lower circuit for third consecutive session today, were spooked as reports indicated that the company is facing a probe from SEBI for alleged stock price and volume manipulation.

Fitch Ratings today said high debt burden of the government constrains India's rating upgrade, a day after Finance Minister Arun Jaitley projecting a fiscal deficit of 3.5 percent of GDP against the earlier target of 3.2 percent.

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