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Tuesday, September 6, 2011

Corporate governance issue haunts Everonn shares

Why Everonn share is falling?
Everonn Lower Circuit

Everonn shares continued its southward voyage which started after the arrest of its founder and MD P. Kishor for allegedly bribing an income tax officer seeking concealment of the undisclosed income.
Everonn chairman Mr. Jamshed Irani‘s resignation added to the woes of the company.
The stock underwent 2 consecutive lower circuits on today and the day before, and finally managed to close at Rs.252.5 on NSE which is its 52 week low price.
Education stocks along with the overall market had been battered in last 10 days.
It is intriguing to know that Everonn had registered a profit growth of 39.5% in Q1 FY 11 YOY.
 Education sector stocks along with the weakening broader markets have value in last 11 days.
Education stocks value erosion

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