Shares of Ambuja Cements and ACC Ltd today fell by as much as 4.7 per cent after both the companies said they are not proceeding with the merger at this juncture.
While Ambuja Cements declined 4.65 per cent to Rs 250.10 on BSE, ACC stock lost 2.42 per cent to Rs 1,623.
ACC Ltd and Ambuja Cements, the two Indian units of LafargeHolcim, said yesterday that they are not proceeding with the merger at this juncture.
"On the basis of a comprehensive evaluation carried out by both the special committee and Board of Directors of the company, the board is of the opinion that there are at present certain constraints in implementing a merger between the company and Ambuja Cements Ltd (ACL)," ACC said in a filing to BSE.
The company is therefore not proceeding with the merger at this juncture, though this remains the ultimate objective, it added.
In a filing to the bourses, Ambuja Cements also said it was not pursuing a merger with ACC at this point of time, though it remains the ultimate goal.
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