 "Strides Arcolab slips as RBI bans FIIs purchases")
Strides Arcolab has slipped 6% to Rs 774 after the Reserve Bank of India (RBI) said that foreign institutional investor (FII) cannot buy shares of the pharmaceutical company.
The stock opened at Rs 810 and touched a low of Rs 763 on NSE. A combined 82,282 shares have changed hands on the counter so far on NSE and BSE.
The RBI on August 13, 2013 has directed all the custodian banks not to facilitate any purchase transactions on behalf of Flls for the company till further intimation, Strides Arcolab said in a regulatory filing.
The company also said it have been informed by RBI that they are reviewing the matter of increase in FII limit up to 74% in the company in consultation with Government of India.
The current Fll holding in the company is 52%. As required under the FEMA Regulation, the company has made necessary intimation to the RBI confirming the shareholders' approval for the increased Fll investment limit, it added.
The stock opened at Rs 810 and touched a low of Rs 763 on NSE. A combined 82,282 shares have changed hands on the counter so far on NSE and BSE.
The RBI on August 13, 2013 has directed all the custodian banks not to facilitate any purchase transactions on behalf of Flls for the company till further intimation, Strides Arcolab said in a regulatory filing.
The company also said it have been informed by RBI that they are reviewing the matter of increase in FII limit up to 74% in the company in consultation with Government of India.
The current Fll holding in the company is 52%. As required under the FEMA Regulation, the company has made necessary intimation to the RBI confirming the shareholders' approval for the increased Fll investment limit, it added.