S Kumars plunges 7.5% as US arm files for bankruptcy

S Kumars Nationwide, a textile and apparel company in India, down on Tuesday after it's US subsidiary HMX Acquisition Corp has filed a voluntary petition for bankruptcy (under Chapter 11) on October 19.

S Kumars Nationwide's had acquired HMX Acquisition Corp (HMX), a formal wear company in US from US Bankruptcy court in August 2009 to establish its footprint in North America market. Shares ofthe companyare trading at Rs 15.90, down Rs 1.3, or 7.56% at the Bombay Stock Exchange (BSE) on Tuesday at 9:50 a.m.A new management team was put in place to turn around the operations through revamping of its products/brands/closing down unviable operations.The scrip has touched an intra-day high of Rs 17.05 and low of Rs 15.80. The total volume of shares traded at the BSE is 520,407.In the earlier session, the shares lost 1.15%, or Rs 0.2, at Rs 17.20. Currently, the stock is trading at all time 52-week low, which is below 61.12% over the 52-week high of Rs 40.90.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 17.80 (0.60) (3.37) 1 Month 19.40 (2.20) (11.34) 3 Months 26.10 (8.90) (34.10) 6 Months 30.10 (12.90) (42.86) 1 Year 39.95 (22.75) (56.95) Note: Based on previous day closing price.