Shares of Century Textiles and Industries dropped nearly 6 per cent a day after UltraTech said it would acquire the cement business of the BK Birla Group company through a share-swap deal.
The scrip plunged 5.85 per cent to end at Rs 1,004.05 on BSE. During the day, it tanked 12.32 per cent to Rs 935 - its 52-week low level.
At NSE, shares of the company tumbled 5.55 per cent to close at Rs 1,006.95.
Shares of UltraTech Cement rose 4.20 per cent to Rs 4,021.55 in intra-day trade but later gave up all the gains and ended flat at Rs 3,851.65, down 0.20 per cent on BSE.
Aditya Birla Group firm UltraTech said it would acquire Century Textiles and Industries through a share-swap deal, a move which would further consolidate its position as market leader in the segment.
The Board of Directors of UltraTech Cement yesterday approved a scheme of arrangement amongst Century Textiles and its respective shareholders and creditors, UltraTech said in a statement.
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