A small-cap stock, backed by global financial giant Goldman Sachs and held by popular domestic institutional investors (DIIs), plunged to a record low in intraday trade on Thursday, February 13, a day after the company disclosed that one of its promoters had pledged shares.
Archean Chemical Industries’ share price crashed as much as 6.13 per cent to hit its all-time low of ₹436 Thursday morning after the company said one of the promoters pledged shares with Bajaj Finance.
“The company has received communication today from one of the promoters, M/s Chemikas Speciality LLP, about the pledge of 11,15,000 equity shares of ₹2 each of the company held by them (2.96 per cent of total holdings of Chemikas Speciality LLP and 0.90 per cent of total equity capital of the company) with Bajaj Finance Limited on 12th February 2025,” Archean Chemical said in an exchange filing post-market hours on Wednesday, February 12.
