Bodal Chemicals is trading 14% lower at Rs 18.10, plunging more than 25% from an intra-day high of Rs 23.90 on the BSE, after the company clarified that it will not issue bonus shares and disinvest its single super phosphate (S.S.P) plant at Padra in Vadodara.
“There are no developments in the company for divestment of SSP plant, issue of bonus shares etc. as per the said press release. Developments such as divestment of SSP plant, issue of bonus shares, Crisil Ratings, etc. which were issued through press release are not consented by the company, un-authenticated and without any existence,” the company said in a filing to the stock exchanges.
There was no board meeting on August 27, 2011 and there is no board meeting today i.e August 29, 2011, as stated in the press release, it added.
A combined 1.15 million shares have changed hands on the counter till 1506 hours.
