AstraZencea Pharma India is trading lower by 2.5% to Rs 1,124 on reports that the capital market regulator directed stock exchanges to monitor the delisting process of the drug maker.
The stock opened at Rs 1,155 and touched a low of Rs 1,111 on the National Stock Exchange (NSE). A combined around 24,000 shares changed hands on the counter till early morning deals on NSE and BSE.
The Securities and Exchange Board of India (Sebi) has said AstraZeneca can purchase shares in the delisting offer only after seeking approval of the stock exchanges, the Business Standard report suggests.
Sebi probe raised suspicion that the pharma company might have collaborated with the Elliott group to facilitate delisting, added report.
The Elliott group entities cornered a large stake in the company during its Offer for Sale in May 2013, where AstraZeneca's foreign promoters sold 14.99% stake.
The stock opened at Rs 1,155 and touched a low of Rs 1,111 on the National Stock Exchange (NSE). A combined around 24,000 shares changed hands on the counter till early morning deals on NSE and BSE.
The Securities and Exchange Board of India (Sebi) has said AstraZeneca can purchase shares in the delisting offer only after seeking approval of the stock exchanges, the Business Standard report suggests.
Sebi probe raised suspicion that the pharma company might have collaborated with the Elliott group to facilitate delisting, added report.
The Elliott group entities cornered a large stake in the company during its Offer for Sale in May 2013, where AstraZeneca's foreign promoters sold 14.99% stake.