Here’s Why This Small-Cap Stock Crashed Over 11% on Tuesday

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Here’s Why This Small-Cap Stock Crashed Over 11% on Tuesday
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the chemical industry company Sigachi Industries Ltd (NS: SIGC ) tumbled over 11% on Tuesday’s session, closing at Rs 411.95 apiece, after falling about 14% to Rs 400 on the BSE today, due to heavy volumes of about 1.74 million equity shares transactions.

According to a BSE notice dated November 15, 2021, the equity shares of Sigachi Industries was to be transferred from T2T segment (Trade to Trade) to the Rolling segment, starting Nov 30, i.e., today. Accordingly, the dealings of the shares would be shifted under BSE’s ‘B’ group.

As a result of this transfer in segments from T2T to Booking (NASDAQ: BKNG ), the microcrystalline cellulose manufacturing stock crashed about 14% to Rs 400 apiece, listing among the top losers in the BSE's B group on Tuesday. A total of 3.64 lakh shares were traded on the BSE today, compared to the daily average of 1.44 lakh shares in the past month.

Over the past four days, the stock has plummeted 26% due to profit booking and 38% since its highest level of Rs 648 touched on Nov 17, 2021.

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