8K Miles loses 40% in two sessions

Last Updated: Tue, Jul 03, 2018 17:02 hrs
People walk pass the Bombay Stock Exchange building in Mumbai

Mumbai: Shares of 8K Miles Software Services Limited have slid several miles down south, with investors pressing sales amid concerns over the delay in announcement of the company's fourth quarter results.

The stock hit the lower circuit on Monday, plunging 20%, and extending its slide further today, tanked to a 52-week low of Rs 314.50, losing another 20%. Though the stock managed to rebound from that level, it failed to find support and eventually ended the day at Rs 315.

On BSE, the 8K Miles Software Services Limited counter clocked a volume of 7.28 lakh shares today, as compared to average daily volume of just about 45,000 shares. On the National Stock Exchange, the counter clocked a volume of about 6.65 lakh shares today.

From a high of Rs 1029.95 recorded on 29 November 2017, the stock has lost close to 70% in a little over 7 months.

About the delay in releasing fourth-quarter results, 8K Miles' chairman & CEO reportedly told a media channel that "
“There is no auditor problem or issues. We adapted the Indian Accounting Standards for the consolidated first time this year so it will take a little longer. We announced the news last night that we will be releasing our consolidated financial on July 17.”

He further said that the company does not anticipate any delay and that the first quarter results would be released soon.

He is also reported to have said that the asset business of the company is expanding very well and that new accounts have been lined up and multinational accounts have been opened recently. "We are growing in both healthcare and pharma sectors,” he is reported to have told the channel.