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Core Education shares crash 66%, CFO says pledged shares not released

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Shares in Core Education and Technologies fell as much as 66 per cent on Monday as the counter came under sharp selling pressure. The stock hit a day low of Rs 99 after closing at Rs 295.25 on Friday.

NDTV Profit spoke to Nikhil Morsawala, CFO at Core Education and Technologies, who said the management has no idea why shares crashed.

He said it will be difficult to comment on the crash without getting the relevant market data, but emphasized the business was doing well.

"We have 47 per cent stake in the company and less than half of the stake is pledged. Our shares are intact and today's price movement has nothing to do with the pledged shares," Mr Morsawala said.

Mr Morsawala said loans taken against pledged shares were for financing projects and there's adequate cash flows backing the repayment of these loans.

"The order flow has been healthy over the last three months. We have booked orders worth Rs 1,350 crore from Indian operations, while $120 million has come from the U.S.," Mr Morsawala said.

Story first published on: February 25, 2013 15:00 (IST)

Tags: Core Education, Nikhil Morsawala


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