Fresenius Kabi Oncology has plunged 16% to Rs 124 ahead of Securities Appellate Tribunal (SAT) hearing today on the company’s delisting plan.
The pharmaceutical company has again approached SAT against Sebi which recently gave a conditional nod to the company to delist from Indian stock market.
On July 22, allowing the company to initiate the delisting process, Sebi has asked it to complete the delisting procedure in three months. Besides, the company would have to take into account its pre-OFS (Offer for Sale) promoter holding of October 2012 to determine the minimum number of shares to be acquired for the delisting.
The company has filed a fresh appeal before SAT which would be heard today, the PTI report suggests.
The stock opened at Rs 142 and hit a low of Rs 120 on BSE. A combined 319,052 shares have changed hands on the counter till 1000 hours on BSE and NSE.
The pharmaceutical company has again approached SAT against Sebi which recently gave a conditional nod to the company to delist from Indian stock market.
On July 22, allowing the company to initiate the delisting process, Sebi has asked it to complete the delisting procedure in three months. Besides, the company would have to take into account its pre-OFS (Offer for Sale) promoter holding of October 2012 to determine the minimum number of shares to be acquired for the delisting.
The company has filed a fresh appeal before SAT which would be heard today, the PTI report suggests.
The stock opened at Rs 142 and hit a low of Rs 120 on BSE. A combined 319,052 shares have changed hands on the counter till 1000 hours on BSE and NSE.
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