M P Birla shares plunge

The scrips of M P Birla group companies lost an aggregate 8.8 per cent on the bourses as the Priyamvada Birla will ruckus and succession issue rattled investors.

It seems that investors are unhappy with an untested outsider being nominated to manage the assets of the MP Birla group. The combined market value of the four listed MP Birla group company declined by Rs 81.07 crore to Rs 842.72 crore.

The group flagship, Birla Corporation scrip slipped below Rs 100 to close at Rs 95.70 on the BSE. The stock fell 9.2 per cent from Rs 105.40 on July 14 with 6,27,000 shares traded. The stock lost Rs 74.69 crore in market capitalisation on Wednesday.

Another MP Birla group company, Vindhya Telelink was frozen at the lower level of the circuit filter of 10 per cent. The stock moved down from the Tuesday's close of Rs 36.75 to Rs 33.10 on Wednesday.

Birla Ericsson Opticals slipped 1.1 per cent to close at Rs 11.26 with 11,165 shares traded. The Universal Cables scrip declined by 4.9 per cent to close at Rs 16.40 with traded volumes of 6,872 shares.