Tilaknagar Industries dips on talk of ABD calling off acquisition plan

According to a media report ABD has called off acquisition plans because of differences over valuation

Shares of Tilaknagar Industries were down over 6% at Rs 24.70 on media reports that Allied Blenders & Distillers (ABD) has cancelled its plan to acquire stake in Tilaknagar Industries.

ABD has called off its plan to acquire majority stake in Tilaknagar Industries because of differences over valuation, Economic Times reported.

It may be recalled that in early July, reports suggested that Allied Blenders & Distillers has entered the final round of negotiations to acquire a controlling stake in Tilaknagar Industries, the owner of Mansion House brandy.

The stock opened at Rs 25.40 and touched a low of Rs 23.85. At 11:15AM, over 1.4 million shares were traded on both the stock exchanges.