The stock extended losses and dipped to a low of Rs 627 - down 4.5%. It finally ended down 3% at Rs 635. Around 655,699 shares were traded on the BSE.
____________________________________________________ (Updated at 1022 hrs)
The stock opened at Rs 650 and touched a high of Rs 652. Thereafter, it slipped 2.5% to touch a low of Rs 640. The stock has recovered partially and is now trading down 1% at Rs 648. The stock has slipped 5% in the past week itself. Around 107,466 shares have been traded on the BSE so far.
A bankruptcy court in the US has favoured Grupo Mexico's offer for acquiring copper miner Asarco. However, this needs final approval from the District Court.
The takeover battle began after Sterlite emerged as the lead bidder for acquiring Asarco on May 31, 2008. The estranged parent, Grupo, then came up with a $4.1 billion revival package, rivaling Sterlite. The Indian copper company later withdrew from the original offer during the downturn, citing a decline in copper prices, when Grupo had withdrawn from the takeover bid.
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