Have you seen Hanung Toys Chart recently? The stock is in free fall mode.
Here’s the Hanung Toys Chart
Hanung Toys was trading at Rs. 165 at start of CY2013 and yesterday it closed at 26 i.e. a fall of 83%. In Nov 2010, stock was trading at Rs. 400. That’s the level of wealth destruction that has happened on the stock. The company is now worth just Rs. 70 crores market cap.
What happened?
There are only two things I noticed:
1. Hanung Toys & Textiles has initiated discussions with its lenders to restructure its debts through Corporate Debt Restructuring (CDR) Mechanism and accordingly have filled a Flash Report with CDR Cell, Mumbai, on July 30, 2013.
2. IDBI seems to be selling the shares.
The stock has been a falling knife and one can only feel sorry for the investors. The stock also tells you a story on what kind of market we are in and No Low is good enough.
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