Sterlite Industries (India), part of the mining group Vedanta Resources, said shareholders would get seven shares in Madras Aluminium Co for every four shares held as part of a restructuring.
Sterlite Industries shares slipped to a low of Rs 588.85 (or 5.39 per cent)after the parent Vedanta Resources said it will transfer Sterlite's aluminium and energy businesses to Madras Aluminium (MALCO), as part of the group restructuring.
Madras Aluminium shares, on the other hand, gained 20 per cent after hiting a low of Rs 146.50 and were trading at Rs 219.