Sintex Plastics makes a tepid debut, closes in lower circuit of 5%

The stock locked in lower circuit of 5% at Rs 123.50 after hitting high of Rs 136.50 on BSE.

After making a mosdest debut on the bourses, Sintex Plastics Technology pared all its intraday gains to hit its lower circuit of 5% at Rs 123.50 on BSE. 

The stock fell 9.5% from its intra-day high of Rs 136.50. It opened at Rs 130, and saw no buyers on the counter by the closing. 

Till 03:30 pm; a combined 23.63 million shares changed hands and there were pending sell orders for 304,117 shares on the BSE and NSE. Shares of Sintex Plastics have been admitted to dealings on the exchange in the list of T group of securities.

The company makes prefabricated structures, custom moulding and storage tanks.

In September 2016, the board of directors of Sintex Industries had approved the composite scheme of arrangement for the demerger of custom moulding business and prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively.

Both demerged companies are wholly-owned subsidiary of Sintex Plastics Technology. With this demerger plan, Sintex intends to streamline various businesses developed by the Group.

Upon demerger, shareholders of Sintex Industries got one equity share from Sintex Plastics Technology for one share held in company.

Sintex Industries, meanwhile, settled the day over 12% lower at Rs 31 on BSE. It touched a high of Rs 37.40 and low of Rs 31.10 in intra-day trade.