SSI touches nadir on delisting plan

DALAL STREET SPIKES

The SSI scrip crashed by a record 242 per cent or Rs 118.05 On Thursday. The stock hit an all-time low of Rs 46 on the BSE before closing at Rs 48.70 as against Tuesday's close of Rs 118.05.

A total of 42.18 lakh shares changed hands at the counter. Citing reasons for the crash, market analysts said since the SSI stock will be temporarily de-listed from the bourses from October 21, as part of a restructuring exercise, the value for the present company is unknown. This resulted in aggressive selling at the counter in morning trades, a dealer said. As per the scheme of restructuring, the software company will be re-listed on the bourses as a separate company.

The counter also witnessed a block deal at around Rs 56 per share, before it hit an all-time low of Rs 46.