Piramal Ent dips 5% on profit booking on demerger plan of pharma biz

Shareholders of Piramal Enterprises (PEL) will get four shares of Piramal Pharma for every one share in PEL, in addition to their existing holding in PEL

Shares of Piramal Enterprises were down 5 per cent to Rs 2,727.80 on the BSE in Friday's intra-day trade on profit booking after the company's board approved the demerger of the pharmaceuticals business and simplification of the corporate structure. With today;s fall, the stock has declined 9.5 per cent from its record high level of Rs 3,013 touched in Thursday's intra-day trade.

Piramal Enterprises has approved the restructuring of its business to demerge its financial services and pharmaceuticals businesses into two separate listed entities. The pharmaceuticals business will get vertically demerged from Piramal Enterprises and consolidated under Piramal Pharma