Shares of DroneAcharya continued to slump for the third straight session on Tuesday as the stock crashed 5% to hit lower circuit again.
What Happened: The stock that made its bumper debut on the market – it listed at a 90% premium- last December has been reeling at the exchanges after it hit its 52-week high of ₹243.35 on Jan 12. Since then the stock has fallen over 40%.
The drone solutions company last month announced that it was venturing into drone manufacturing in collaboration with Gridbots Technologies Private Limited – an Ahmedabad-based robotics company. The company also announced that it will be setting up its own manufacturing unit in Pune. However, the development seems to have not sat well with investors, as the stocks crashed over 4% after the announcement.
Last week, the company that is a Directorate General of Civil Aviation (DGCA) authorised Remote Pilot Training Organisation (RPTO) announced partnering with Savitribai Phule Pune University (SPPU).
As per the partnership, the company will work with SPPU “to initiate courses concentrating on the applications of drones like drone building, drone data processing, applications of drones in disaster management and agriculture and Python coding, in addition to the flagship DGCA Certified Drone Pilot Training Course,” the company said in a regulatory filing. Since the announcement, the company’s stock has slumped close to 8%.
Price Action: Shares of DroneAcharya slumped 5% to hit lower circuit at ₹136.15.
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