Shares of Polaris Financial Technology ended over 15 per cent lower today, eroding Rs 326.98 crore from its market valuation, on massive selling pressure as the stock went ex-demerger.
The company's stock plunged 13.36 per cent to settle at Rs 213.95 on the BSE. During the day, it tumbled 21.13 per cent to Rs 194.75.
At the NSE, the stock close at Rs 210, down 15.32 per cent from its previous close.
Following the sharp fall in the stock, the company's market value plunged Rs 326.98 crore to Rs 2,134.02 crore.
In a filing to the BSE, Polaris had last month said that the Board of Directors in its meeting held on September 24, have fixed the record date as October 10 for the purpose of determining the list of shareholders who are entitled to receive the shares in Intellect Design Arena Limited, the resulting company after the demerger.
The company had earlier announced the demerger of its products business into a separate entity called Intellect Design Arena and the scheme of arrangement has already been sanctioned by the Madras High Court.
Under the scheme of demerger, each member of Polaris will be allotted one new share in Intellect Design Arena for every one share held in Polaris Financial Technology.
"Post the record date, Intellect Design Arena will allot its shares to the shareholders of Polaris Financial Technology," the company had said in a BSE filing on September 26.
