Shares of Titagarh Rail Systems (formerly Titagarh Wagons) sunk over 10% on Tuesday morning to hit an intraday low of ₹705.10.
What Happened: The slump comes as the company was moved into the short-term Additional Surveillance Measure (ASM). A company is put under the ASM framework by the exchanges to indicate to investors that a stock is seeing unusual and extreme volatility.
The move comes as shares of the railway manufacturer jumped close to 30% last week. The exchange has also sought clarification from the company regarding significant price movement. The company’s response is awaited.
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Shares of the company have been on a tremendous bull run along with other railway stocks on the back of the government’s increased capex on railway infrastructure this year. On a year-to-date basis the stock has gone up close to 60%.
The stock is also backed by several ace investors including Akash Bhanshali, Madhusudan Kela, and Safir Anand.
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Price Action: Titagarh’s share price bounced back after the early crash to trade 4.73% lower at ₹747 on Tuesday morning.
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