AstraZeneca Pharma India drops after board defers delisting move

Sheds 9.31% to close at Rs 1,064.35 on BSE after rising 50% in last 5 sessions

The AstraZeneca Pharma India stock dropped 9.3 per cent, to close at Rs 1,064.35 on the BSE on Thursday, after its board of directors decided to defer talks about a delisting proposal.

The share price had risen 50 per cent in five sessions, to an all-time high of Rs 1,285 on Tuesday, on expectations the parent company would look to delist the India arm from the bourses.

The board of directors met on Wednesday to discuss the delisting proposal but decided they needed more information before deciding. “After discussion, it was decided to seek additional information from the promoter, AstraZeneca Pharmaceuticals AB, Sweden. Pending receipt of such additional information, consideration of the promoter’s letter dated March 1 was deferred,” said the notice on the BSE website.

The Bangalore-based company is present in various health care segments, including cardiovascular, diabetes, oncology, respiratory & inflammation, infection, local anesthesia and maternal health care.

The company was established in 1979. The promoter, AstraZeneca Pharmaceuticals A B Sweden, holds 75 per cent stake.