AstraZeneca Pharma India has dipped 7% to Rs 1,094, extending its previous day’s 5.2% fall, after the company said its board has deferred delisting plan.
The stock opened at Rs 1,077 and hit a low of Rs 1,070 on the BSE. A combined around 60,000 shares have changed hands on the counter so far on the BSE and NSE.
"The Board of Directors met on March 5, 2014 to consider the delisting proposal. After discussion, it was decided to seek additional information from the promoter - AstraZeneca Pharmaceuticals AB, Sweden,” AstraZeneca Pharma said in a statement.
Pending receipt of such additional information, consideration of the promoter's letter dated March 1, 2014 was deferred, it added.
AstraZeneca’s foreign promoter, which holds 75% stake, has proposed to acquire at least 15% from public shareholders.
Meanwhile, in five trading sessions between February 21 and March 4, the stock has rallied 50% from Rs 822 to Rs 1,239 on the BSE.
The stock opened at Rs 1,077 and hit a low of Rs 1,070 on the BSE. A combined around 60,000 shares have changed hands on the counter so far on the BSE and NSE.
"The Board of Directors met on March 5, 2014 to consider the delisting proposal. After discussion, it was decided to seek additional information from the promoter - AstraZeneca Pharmaceuticals AB, Sweden,” AstraZeneca Pharma said in a statement.
Pending receipt of such additional information, consideration of the promoter's letter dated March 1, 2014 was deferred, it added.
AstraZeneca’s foreign promoter, which holds 75% stake, has proposed to acquire at least 15% from public shareholders.
Meanwhile, in five trading sessions between February 21 and March 4, the stock has rallied 50% from Rs 822 to Rs 1,239 on the BSE.
