On Monday’s trading session, the share price of Ecrypt Technologies Inc (OTCBB:ECRY) eroded more than 50% of its value to close deep in red. The stock was trading higher on average volume till noon, and then in no time plunged sharply. By the closing bell, the share price declined 56% on a massive volume spike.

The volume was more than 9.8 million and the stock closed at $0.011 per share. In last two trading sessions, the stock is trying to cover up the sharp losses recorded on Monday. On Wednesday’s trading session, ECRY surged more than 4% to close the trading session at $0.0200. The gains came at a share volume of 2.10 million compared to average share volume of 1.10 million.

The buzz

There was no immediate reason that could justify the sharp decline of Ecrypt stock on Monday. However, in latest PR the company reported that it has finalized an agreement with KGSS to be the exclusive provider firm of its services and products various U.S. federal government agencies through company’s Marketing Alliance Program.

Under the deal, Ecrypt will be the sole worldwide provider firm of KGSS’s cyber threat services and products to mutually-accepted upon US government agencies. The list of products includes MIDAS, Advanced Persistent Threat Analysis and Reporting platform, and several other Intelligence Support Products.

The performance

The investors who just came across the Ecrypt Technologies Inc (OTCBB:ECRY) stock should know that it was last 2014 stock pick of stock outfit Stock Tips that revealed $5.1 million compensation apparently remunerated to promote the stock in December 2014.

Pulling up a seven-month chart represents just where the pump was launched, the aggressive volume it brought and the following horrendous crash. Also, the company reported zero revenue in the quarter that ended December 2014 while net loss was $453,000.The cash reserves came at $58,000 and total assets were $67,000.