Shares of software company Mastek nosedived 66 per cent today, as the stock price adjusted for demerger of its insurance business.
After falling sharply by 67.45 per cent to Rs 142.50 in intra-day trade, shares of Mastek finally ended at Rs 149, down 65.97 per cent on BSE.
At the NSE, it slumped 65.99 per cent to end at Rs 148.95.
"Shares of software company Mastek corrected by more than 67 per cent intra-day after it announced the demerger of its insurance business from itself," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Mastek on June 4 informed BSE that June 15 has been fixed as record date for the purpose of determining the members of Mastek Ltd to which shares of Minefields Computers will be allotted in the ratio of 1:1.
The scheme of arrangement involves demerger of insurance products and service business of Mastek into Minefields Computers, followed by slump sale of Offshore Insurance Operations by Minefields Computers Pvt Ltd (MCPL) to Majesco.
Majesco will constitute the insurance products and services business of Mastek, the filing had said.
The stock turned ex-date today to reflect the spin-off.
Meanwhile, the benchmark BSE Sensex ended at 26,425.30, up 54.32 points.
