Shares of Hindalco Industries tumbled 7 per cent, wiping out Rs 3,068.61 crore from its market valuation today, amid reports of an overseas acquisition.
The stock dropped 6.46 per cent to settle at Rs 198.25 on the BSE. Intra-day, it tanked 8 per cent to Rs 194.85 -- its 52-week low.
On the NSE, shares of the company plunged 6.96 per cent to close at Rs 197.60.
Led by the drop in the stock price, the company's market valuation declined by Rs 3,068.61 crore to Rs 44,512.39 crore on the BSE.
"Hindalco fell on news of an overseas acquisition," said V K Sharma, Head PCG and Capital Market Strategy, HDFC Securities.
In terms of equity volume, 13.47 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.
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Meanwhile, the BSE had sought clarification from Hindalco Industries today with respect to news that the company is in final stages of Aleris acquisition.
Later in a clarification, Hindalco said, "We wish to inform you that we constantly evaluate various options for creating long term value of the shareholders. As and when such proposals are considered by the Board, we notify the stock exchanges with all relevant details as required.
"At this point of time, no such proposals have been considered by the Board which would trigger the disclosure of events or information ....".
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