ABB falls on denial of delisting plans
On Friday, the stock had surged as much as 21% on rumors that the company is planning to delist from the stock exchange.
ABB is trading lower by over 3% to Rs 638 in early morning trades on BSE after the company denied delisting of the company’s equity shares from the stock exchanges.
On Friday, the stock had surged as much as 21% on rumors that the company is planning to delist from the stock exchange.
“The company has checked with its majority shareholder who has confirmed there is no intention to buy additional shares and thus commence the de-listing process,” ABB said in a regulatory filing.
The stock opened at Rs 645 and touched low of Rs 623 on BSE. A combined around 120,000 shares changed hands on the counter till 0920 hours on BSE and NSE.
On Friday, the stock had surged as much as 21% on rumors that the company is planning to delist from the stock exchange.
“The company has checked with its majority shareholder who has confirmed there is no intention to buy additional shares and thus commence the de-listing process,” ABB said in a regulatory filing.
The stock opened at Rs 645 and touched low of Rs 623 on BSE. A combined around 120,000 shares changed hands on the counter till 0920 hours on BSE and NSE.