India Glycols dips 9% on forming JV with Clariant for BioEO biz

Under the terms of the proposed agreement, India Glycols will contribute its renewable Bio-EO Derivative business to the joint venture

Shares of India Glycols, on Friday, slipped 9 per cent to Rs 529; falling 13 per cent from day’s high, on the BSE in intra-day trade after its board approved the transfer of the company's BioEO (speciality chemicals) business to IGL Green Chemicals Private Limited (IGCPL), a wholly owned subsidiary. BioEO accounted for 12.85 per cent of the total revenue and 26.20 per cent of the total net-worth of India Glycols, as on March 31, 2020.

The commodity chemicals company's stock hit a 52-week high of Rs 610 in intra-day trade. Despite today’s fall, it has outperformed the market