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Cupid Stock Plummets 20% Amid Surveillance Measure
5 Jan
Summary
- Cupid Limited shares dropped 20% on January 5, extending a sell-off.
- The stock hit ₹337.55, near its lower price band of ₹336.
- Surveillance measures were placed on Cupid by BSE and NSE.
Cupid Limited experienced a significant stock price drop, with shares crashing an additional 20% on Monday, January 5. This decline extended a two-day selling streak that has seen the stock fall by approximately 35% from its previous highs. The shares touched a day's low of ₹337.55 on the BSE, narrowly missing the 20% lower price band of ₹336.
The sharp downturn in Cupid's stock commenced on Friday. Reports indicate that this selling pressure was triggered by actions taken by the stock exchanges, specifically the BSE and NSE. Both exchanges reportedly placed Cupid Limited under the Long-term Additional Surveillance Measure Stage 1 framework.
This surveillance measure is typically implemented by exchanges to monitor stocks exhibiting unusual price movements or trading volumes. The inclusion of Cupid under this framework has apparently amplified investor caution, leading to the substantial sell-off observed in the past two trading sessions.
