The scrip of low-float Warren Tea on Monday hit the upper circuit (10 per cent) on the BSE at Rs 347.65. The BSE volume was just 495 shares. The stock exchange in late July 2011 had brought down the circuit limit for the stock to 10 per cent from 20 per cent in view of wild fluctuations.
Despite the circuit, the counter saw its 2011 price peak at Rs 698 on August 11 against the low of Rs 161 on January 10. “It's an anniversary of sorts for the stock's volatility,” said Mr Rajesh Agarwal of Head of Research Eastern Financiers Ltd.
There had been several market deals involving a number of promoter entities, particularly in July last year. There were some disclosures related to insider trading or SAST.
The company updated the stock exchange about postponements of the board meetings to consider the financial result for the September quarter, in November and December last year because of a Calcutta High Court order.
According to market insiders, the two promoter families are locked in a bitter legal battle over the functioning and control of the company.
Arguably the third largest tea leaf producer of the country, Warren Tea, however, has not informed the BSE that the promoter families have also not been able to reach an out-of-court settlement, talks of which are in circulation currently in the market.