Everonn Education shares witnessed sharp spurt in trading volumes on Wednesday, as some big institutions made part exit from the company.
The stock, which was in the positive territory during the earlier part of the day, failed to sustain gains and closed 2.13 per cent lower at Rs 247.7 on the BSE. Trading volumes rose over seven fold to 53.66 lakh shares against its two-week average of 6.97 lakh shares. On the NSE, 1.14 crore shares changed hands, of which only about 16 per cent was deliverable quantity.
Institutions which sold shares of the company include Morgan Stanley, JF Eastern Smaller Companies Fund, Clariden Leu and Lloyd George Investment Management.
These funds offloaded about 1.4 crore shares, according to bulk deal data available with the exchanges. As against this, bulk buyers were found only for 3.62 lakh shares.
Among the buyers were Edelweiss, Morgan Stanley (12,742 shares) and Citi (1 lakh shares).
The stock crashed 45 per cent in the last five trading sessions.Everonn has been under pressure since September 2, when the company had said its Managing Director, Mr P. Kishore, has been taken into judicial custody. Mr Kishore was arrested for allegedly giving a bribe to conceal taxable income.