Liberty Phosphate extends fall on denial of buyout report

The stock has outperformed the market by surging 165% in past three months compared to 4% rise in benchmark Sensex.

Liberty Phosphate has slumped 10% to Rs 175, extending its previous day’s about 10% fall, after the company denied a news report stating that Coromandel International plans to acquire the company.

“With reference to the news item appearing in a leading financial daily titled "Coromandel to acquire Liberty Phosphate?", Liberty Phosphate has clarified to BSE that the Company has not issued any press release on the subject,” Liberty Phosphate said in a statement.

The news item is purely based on market speculation and the Company does not comment on market speculation, it added.

The stock of India’s biggest single super phosphate (SSP) fertiliser Company has outperformed the market by surging 165% in past three months compared to 4% rise in benchmark Sensex.

As many as 138,000 shares have already changed hands on the counter so far against an average 210,000 shares that were traded daily in past two weeks on the BSE.