Meanwhile, the S&P BSE Sensex was down 96.41 points or 0.36% at 26,961.

On BSE, so far 12.98 lakh shares were traded in the counter as against average daily volume of 3.31 lakh shares in the past two weeks.

The stock opened with an upward gap surging by the maximum permissible level of 10% and remained locked at 10% level at Rs 14.25 so far in the day, which is a 52-week high for the counter. The stock had hit a 52-week low of Rs 5 on 25 November 2013.

Shares of B.L. Kashyap and Sons have rallied 31.94% in two trading sessions from Rs 10.80 on 9 September 2014, after HDFC Mutual Fund bought 14.20 lakh shares at Rs 9.20 per share in a bulk deal on BSE on 9 September 2014. The stock spurted by maximum permissible level of 20% to settle at Rs 12.96 on Wednesday, 10 September 2014.

Ajay Ashok Shah sold 14.53 lakh shares at Rs 9 per share in this bulk deal.

B.L. Kashyap and Sons reported a net loss of Rs 15.55 crore in Q1 June 2014, higher than net loss of Rs 1.74 crore in Q1 June 2013. Net sales declined 48.4% to Rs 173.69 crore in Q1 June 2014 over Q1 June 2013.

B.L. Kashyap and Sons is a construction and infrastructure development company.