Everonn Education hits 20% upper circuit

The stock is in focus as company plans to initiate legal proceedings against alleged corrupt officials.

Jun 15, 2015 07:06 IST India Infoline News Service

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Everonn Education has hit the 20 percent upper circuit at Rs. 24.05 on renewed buying interest after the company announced its intention to initiate legal proceedings against individuals involved in alleged accounting fraud.

According to a release issued by the company to the BSE, the company has decided to initiate legal proceedings against Kishore (former Managing Director), Nikhil Gandhi (former Director and promoter of SKIL Infrastructure, a company forming part of the promoter Group of Everonn Education) and various other individuals and entities on account of the fraudulent transactions/ activities undertaken by them or at their behest against the company.

The stock remains locked at the 20 percent upper limit and has seen trades of around 84,000 shares. There are pending buy orders for nearly 32,000 shares on the BSE.

The stock had hit a fresh 52-week low at Rs. 19.10 on Friday.

Meanwhile, the Sensex has surged 164 points to 26,590.

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