ITI hits 10% lower circuit, co issues clarification on price fluctuations

As of 2 pm, the stock is locked in at ₹489.95, down 9.99%, as both the NSE and the BSE placed it under a short-term Additional Surveillance Measure (ASM) framework.

ITI issues clarification

The company later clarified to the bourses, stating, “As regards the volume of shares traded or share price, are purely based on market conditions and the Company is not responsible for any increase or fall in volume or share price or any changes in stock market conditions.”

The PSU also confirmed that there are no pending matters or events requiring disclosure to the bourses that will impact the price or volume behaviour of its stock.

ASM framework is a system implemented by the exchanges and SEBI to caution investors of unusual trading activities, such as extreme price fluctuations or high volume.

52-week high and past performance

The stock reached its 52-week high of ₹592.70, galloping 8.88% on the National Stock Exchange (NSE) on Tuesday.

As investors booked profit, the stock eventually tumbled to its intra-day low of ₹489.95, down 9.99%.

The scrip rallied 24.25% in the past week and 33.10% over the last month.

In the past six months, ITI has gained 56.68%. It has climbed 25.40% on a year-to-date basis.

About the company

ITI is a public sector undertaking, operating in the telecommunications sector. Its first departmental factory was established in 1948. While it is also one of the country’s leading defence electronic, products and system providers, it primarily focuses on manufacturing, trading and servicing telecommunication equipment.

As of January 7, the company has a total market capitalisation of ₹47,078.66 crore, according to the NSE.