Sterlite drops 3% after Asarco bid revision

The stock ended at Rs 746, down around 3% from the previous close. The counter witnessed trades of 919,282 shares as compared to the two-week daily average traded volumes of 844,955 shares.
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(Updated at 1130hrs)

Shares of Sterlite Industries today tanked nearly five per cent in morning trade on the Bombay Stock Exchange after the company modified its bid for bankrupt US copper miner Asarco by offering $ 2.565 billion in an all cash deal.

Shares of Sterlite opened weak on the exchange and dipped further to Rs 730.10, down 4.77 per cent over previous close on the BSE.

A similar movement was witnessed on the National Stock Exchange where the scrip dropped 4.84 per cent to a low of Rs 729.20.

Marketmen said despite a flat market with a positive bias, investor sentiment was impacted amid concerns of an additional one-time cash outgo for the said acquisition.

Sterlite, owned by the Anil Agarwal-controlled mining company Vedanta Resources Plc, today revised its offer for Asarco and offered $ 2.565 billion in an all cash deal, days after a US court recommended rival Grupo Mexico's bid for bankrupt US copper miner.