Shares of Aditya Birla Nuvo and Grasim Industries plunged 25 per cent and 8 per cent, respectively, in intra-day today -- wiping out Rs 8,559 crore from their total market valuation, a day after a multi- billion dollar mega merger was announced of two group firms.
The scrip of Aditya Birla Nuvo tanked 24.63 per cent to Rs 1,180 in intra-day on BSE. It ended the day 17.60 per cent lower at Rs 1,290.15.
Shares of Grasim slumped 8.34 per cent to Rs 4,160 during the day. It later bounced back to end the day at Rs 4,565, up 0.57 per cent.
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As per the intra-day plunge, the market valuation of Aditya Birla Nuvo declined by Rs 5,022 crore to Rs 16,800.87 crore, while Grasim lost Rs 3,537 crore to Rs 42,613.45 crore.
As part of the complex merger plan, financial services business of the merged entity will be hived off and merged with Aditya Birla Financial Services (ABFSL), a wholly-owned arm of ABNL, and will be listed subsequently.
The boards of Aditya Birla Nuvo Ltd (ABNL) and Grasim Industries have approved the composite scheme of arrangement between the two firms and ABFSL.
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