Meanwhile, the BSE Sensex was down 194.69 points, or 1.1% to 17,557.99.

On BSE, 1.63 lakh shares were traded in the counter as against average daily volume of 58,239 shares in the past one quarter.

The stock hit a high of Rs 13.50 and a low of Rs 11.85 so far during the day. The stock had hit a 52-week low of Rs 7.56 on 20 December 2011. The stock had hit a 52-week high of Rs 19.55 on 13 April 2011.

The small-cap stock had outperformed the market over the past one month till 29 February 2012, rising 23.19% compared with the Sensex's 3.01% gain. The scrip had also outperformed the market in past one quarter, surging 21.01% as against Sensex's 10.9% gain.

The company has an equity capital of Rs 13.53 crore. Face value per share is Re 1.

The Rico Auto Industries stock was locked at 20% upper circuit at Rs 12.96 on Wednesday, 29 February 2012, after the company announced after market hours on Tuesday, 28 February 2012 that its board of directors has approved proposed divestment of its entire 50% stake in the joint venture company -- Continental Rico Hydraulic Brakes India.

Rico Auto Industries will sell its entire 50% stake in Continental Rico Hydraulic Brakes India to Continental Automotive Holding Netherlands BV, a Continental Group company. The divestment will be completed subject to completion of customary conditions precedent and will be in accordance with the pricing guidelines issued by the Reserve Bank of India (RBI), Rico Auto Industries said. Upon completion of the proposed divestment, Continental Rico Hydraulic Brakes India will be entirely a Continental Group held company, Rico Auto Industries said.

On a consolidated basis, Rico Auto Industries' net profit rose 21% to Rs 8.07 crore on 10.8% growth in net sales to Rs 382.88 crore in Q3 December 2011 over Q3 December 2010.

Rico Auto Industries supplies a wide range of high precision fully machined aluminum and ferrous components and assemblies to automotive original equipment manufacturers (OEMs) across the globe. Rico's integrated services include design, development, tooling, casting, machining and assembly across ferrous and aluminum products.