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Vakrangee Drops Like a Stone. What Next? - Views on News from Equitymaster

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Vakrangee Drops Like a Stone. What Next?
Jan 31, 2018

Looks like the bottom has fallen out of Vakrangee Limited's stock price.

Sitting pretty at more than 100% gains just a few trading sessions back, the stock has hit a lower circuit and is now up a merely 45% from our recommended price.

The fall seems to be the result of the company coming under SEBI scanner for alleged share price manipulation. Mind you, it was only last week that the company came up with a stellar set of numbers. Consolidated profits were up 88% on the back of a huge 84% growth in topline.

These results are off the charts and in the normal course of things, one would have expected the momentum in the stock price to continue unabated.

However, what needs to have soured the sentiments and quite strongly at that is the news around the SEBI investigation.

Do What the Price Says

Please note that in this service we don't take a judgement call when it comes to exiting a stock. Once the momentum weakens or the stock hits its trailing stop loss, we exit.

And this is what we are going to do with Vakrangee as well.

Could we have sold the stock a little early and book still higher profits? Maybe yes. But given how resilient the stock was yesterday, we thought it would recover and go on to achieve new highs. Besides, it was still few percentage points away from hitting our trailing stop loss.

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