Wild swings in Vashu Bhagnani stock raise eyebrows
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The sharp swings in the share price of a Mumbai-based film production company in the past month has raised eyebrows on Dalal Street. In the previous six trading sessions, Vashu Bhagnani Industries, formerly known as Pooja Entertainment, has been locked in the daily lowest tradable limit on the BSE, declining nearly 36% in this period following news reports that the company was under financial stress. Shares of the company, owned by veteran film producer Vashu Bhagnani, have rallied 1,168% in the past one year, and 355% so far in 2024, taking the company's market cap from ₹82 crore a year ago to over ₹1,000 crore now. The stock closed at ₹298.85 on Monday, 5% lower - the lowest tradable limit in the trading session. The recent losing spree in the shares has continued even after the company, in a stock exchange disclosure, denied news reports that said the entity sold off its office building, laid off staff and is seeing delay in salary...