Prabhat Dairy hit an upper circuit limit of 20% at Rs 78.15 on the company's plan to delist shares from stock exchanges.
Prabhat Dairy announced after market hours yesterday, that its board will meet on 10 September 2019 to consider voluntary delisting of the equity shares of the company. The promoters intend to acquire a 49.9% stake from the public shareholders and then go for voluntary delisting. As on 30 June 2019, promoters held 50.10% stake in the integrated milk and dairy products company.Meanwhile, the S&P BSE Sensex was up 125 points or 0.34% to 36769.64.
On the BSE, 27367 shares were traded in the counter so far compared with average daily volumes of 5777 shares in the past one quarter. The stock hit a high of Rs 78.15 and a low of Rs 78 so far during the day.
Shares of Prabhat Dairy hit a 52-week high of Rs 164.8 on 14 Sep 2018. The stock hit a 52-week low of Rs 47.15 on 06 Feb 2019.
The stock underperformed the market over the past one month, falling 1.29% compared with 0.15% fall in the Sensex. The scrip also underperformed the market in past one year, sliding 56.17% as against Sensex's 3.61% fall.
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