Deepak Fertilisers slips on stake sale in MCFL

Deepak Fertilisers has sold over 2% stake in MCFL in nine tranches during the past month.

Shares of Deepak Fertilisers were down nearly 2% at Rs 144 after the company which is in the middle of a year-long battle to acquire Mangalore Chemicals and Fertilizers, has sold over two per cent stake in the takeover target in nine tranches during the past month.

With this, Deepak Fertilisers' stake in Mangalore Chemicals has declined to 29.05 per cent from 31.25 per cent at the end of the last quarter.

Sources close to the development said the Pune-based company was in wait and watch mode and the sale of over 2 per cent stake in Mangalore Chemicals may not be a signal that Sailesh Mehta, promoter of Deepak Fertilisers, was giving up his acquisition plan. However, analysts tracking the takeover story said this well might be the first sign of Mehta losing interest, a Business Standard report suggests.

The stock opened at Rs 145 and touched a low of Rs 143. At 9:55AM over 25,000 shares were traded on both the stock exchanges.