Aditya Birla Nuvo, Grasim extend losses; shares down up to 4%

Shares of Aditya Birla Nuvo and Grasim Industries resumed their downfall today, falling by up to 4 per cent, after a multi-billion dollar mega merger was announced of the two group firms.
The scrip of Aditya Birla Nuvo declined 4.03 per cent to end at Rs 1,238.10 on BSE. During the day, it lost 6.36 per cent to Rs 1,208.
Grasim's scrip fell 1.89 per cent to settle at Rs 4,478.55. Intra-day, it went down 3.28 per cent to Rs 4,415.05.
Shares of Aditya Birla Nuvo and Grasim Industries had plunged 25 per cent and 8 per cent, respectively, in intra-day on Friday.

As part of the complex merger plan, financial services business of the merged entity will be hived off and merged with Aditya Birla Financial Services (ABFSL), a wholly-owned arm of ABNL, and will be listed subsequently.
The boards of Aditya Birla Nuvo Ltd (ABNL) and Grasim Industries have approved the composite scheme of arrangement between the two firms and ABFSL.