Mastek tanks 70% on demerger of insurance biz

Mastek slipped nearly 70%, or Rs 291, at Rs 147 on the Bombay Stock Exchange (BSE) as the stock adjusted for the demerger of its insurance business. The stock had touched a low of Rs 142.5 in intra-day deals.

The record date is on June 15 and as part of the call auction process of the stock exchange, Mastek stock will be going through that process on June 12 and will be traded ex-Majesco from June 12 onwards, recent reports had indicated. CLICK HERE FOR THE FULL REPORT

“Mastek Ltd has informed BSE that the June 15, 2015 has been fixed as the Record Date for the purpose of determining the members of Mastek Limited to whom shares of the Minefields Computers Limited will be allotted in the ratio of 1:1 pursuant to Part II of the Scheme of Arrangement in terms of clause 11.1.1," the company had informed the exchanges.

The stock opened at Rs 150 on the BSE and touched a high of 150.9 in in intra-day deals.