AstraZeneca Pharma India has spurted over 15% at Rs 1,775 on back of huge volumes. As many as a combined 130,118 shares have changed hands on the counter till early noon deals, against an average sub 20,000 shares that were traded daily in past two weeks on the NSE and BSE.
The stock has corrected almost 42% from its all-time high of Rs 2,649 touched on April 12, 2012, after gaining more than 100% within six months on speculation of delisting its shares from the Indian bourses.
According to market buzz, UK-based AstraZeneca is planning to delist the Indian unit. As per regulations, global parents will have to reduce promoter's stake to below 75% if they fail to delist their Indian units before June 2013.
AstraZeneca Pharmaceuticals AB Sweden held 90% of AstraZeneca Pharma India as at March 31 2012.
No comments:
Post a Comment