VRL Logistics stock falls 20%, giving up a significant portion of its gains since it listed on the bourses on 30 April last yearThe VRL Logistics Ltd stock fell 20% on Tuesday, giving up a significant portion of its gains since it listed on the bourses on 30 April last year. The promoters—Vijay Sankeshwar and Anand Sankeshwar—have decided to venture into the regional airline business through a separate company. Sunil Nalavadi, chief financial officer, VRL Logistics, clarified in a conference call with analysts that the promoters want to start this business in their individual capacity. Volume in the goods transportation business was flat in fiscal year 2016. But analysts worry the promoters may resort to selling an 8-10% stake in VRL in order to raise funds for the airline business.

Source: Mint May 24, 2016 03:52 UTC