Quess Corp share price traded weak for the fourth consecutive day and slipped almost 20% to Rs 417, also its 52-week low on the BSE on Thursday due to high intraday volatility. Although the share opened with a gap up pattern and gained 3% to Rs 453, also the day's high, the stock fell 11% to Rs 462, creating a new 52-week low. The stock closed 13.77% or 71.35 points lower at 446 level in trade today.
The stock traded close to its all-time low price of Rs 452 touched on July 14, 2016 and later fell 19.52% to the day's low and made a fresh all time low of Rs 417, on the back of heavy volumes.
The share price of Quess Corp has fallen almost 20% since the beginning of the month and around 30% in over a month.
There was a spurt in trading volumes on the counter, with 2.6 lakh and 41.52 lakh shares changing hands on BSE and NSE respectively, both above the 5, 10 and 30 day average volume traded.
The company at its board meeting held last week, deferred a decision on a fund-raising proposal and stated in a regulatory filing that "The same would be considered at a later date".
The Bangalore-based company is a provider of technological and business services and forayed into smart city projects in FY'18.
Quess Corp in its annual report for FY'19 suggested that it has faced certain issues on the working capital front due to longer cash collection cycles and stated, "Keeping this in mind, we have decided not to take up any more projects in smart city going forward as they increase our cash collection cycle."
Edited by Rupa Burman Roy