EKI Energy Services, one of the holdings of Mukul Mahavir Agrawal, extended its weakness to the lower circuit on Tuesday. The stock was locked in sellers’ circuits for a second straight session after the auditor’s report and a disappointing performance in the December 2022 quarter.
EKI Energy Services shares had surged about 9,000 per cent within six months of listing in April 2022. However, its auditor, Walker Chandiok & Co, highlighted likely non-compliance with specific accounting standards and revenue recognition norms.
EKI Energy posted a consolidated net profit of Rs 45.20 crore for the quarter ended December 31, 2022. The exchange filing by the company on Q3 earnings, did not provide the consolidated net profit figure for the corresponding quarter of the previous fiscal.
Shares of EKI Energy Services plunged 20 per cent, its lower circuit limit, to Rs 702.20, its new 52-week low on Tuesday. The scrip had settled at Rs 887.75 on Monday, after hitting a 20 per cent cut in the previous session as well.
EKI Energy Services’ shares have plunged over 76 per cent from its 52-week high at Rs 2,964 hit on July 6, 2022. The stock is down 45 per cent in the last one month, whereas it has lost 60 per cent of its value in the last six months.
Even after this stellar fall in the stock prices, shares of EKI Energy Services have delivered a stellar return of more than 1,600 per cent from its listing prices at Rs 40 in April 2021. The company issued its shares for Rs 102 apiece, which still leaves investors with a return of about 600 per cent.
According to the latest shareholding data filed by the company, seasoned investors Mukul Mahavir Agrawal owned 4,52,389 equity shares or 1.64 per cent stake of the company as on December 2022 quarter.
Incorporated in 2011, EKI Energy Services started its business as a climate change advisory services such as consultancy services for registration, validation, monitoring, verification, insurance, and trading of eligible carbon credits projects but, it has expanded its services into carbon credits trading, business excellence advisory services and training services.
Also read:┬аAdani Enterprises, Adani Power, other group shares fall amid report Adanis seek capital fusion from IHC
Also read:┬аIndiabulls Real Estate shares hit 52-week low, down 15% in two sessions
