Fresenius Kabi tanks on heavy volumes

The company approached the SAT against market watchdog SEBI's order on minimum 25% public shareholding and sought permission to de-list its shares.

Fresenius Kabi Oncology has tanked 11% to Rs 108 on back of heavy volumes on the bourses. The stock opened at Rs 118 on the National Stock Exchange has seen huge activities on the counter. A combined 260,632 shares have already changed hands till 1457 hours against an average less than 100,000 shares that were traded daily in past two weeks.

According to PTI reports, Fresenius Kabi Oncology has approached the Securities Appellate Tribunal (SAT) against market watchdog SEBI’s order on minimum 25% public shareholding and sought permission to de-list its shares from the stock exchanges.

The healthcare firm is among the 105 companies facing action of SEBI for not having complied to the minimum public holding requirements within the deadline of June 3, 2013.

The regulator has refused permission to the company for its delisting plans, as it had benefited from a specially designed offer-for-sale (OFS) route for expanding the public float of shares.