Deepak Fertilisers bounces back

Deepak Fertilisers had hit a new 52-week low yesterday on rumours insinuating that it was on the brink of a liquidity crisis as its commercial papers were outstanding as on date payable by the company/ its subsidiaries. 

Today, the stock is the top gainer on the BSE, going up over 11.5% to Rs.118.70, bouncing back with almost a vengeance. Volumes are robust at over 7 times.

This bounce back has happened after the company issued a clarification, refuting these rumours. The company stated, “We have been made aware that there are some rumours in capital market with respect to the outstanding Commercial Papers. The Company has been repaying Commercial Papers in accordance with the due dates and has repaid its last Commercial Papers on the due date in the current month. We would like to clarify that there are no commercial papers outstanding as on date payable by the Company or any of it's subsidiaries.”