Astec Lifesciences tumbles after calling off merger with Godrej Agrovet

Astec Lifesciences fell 4.98% to Rs 500 at 14:02 IST on BSE after the company decided not to pursue merger with Godrej Agrovet.

The announcement was made after market hours yesterday, 6 May 2019. Shares of Godrej Agrovet were up 0.23% at Rs 516.75.

Meanwhile, the S&P BSE Sensex was down 52.84 points, or 0.14% to 38,547.50.

On the BSE, 7,155 shares were traded in the Astec Lifesciences counter so far compared with average daily volumes of 820 shares in the past two weeks. The stock had hit a high of Rs 540 and a low of Rs 498.10 so far during the day. The stock hit a 52-week high of Rs 782.50 on 12 June 2018. The stock hit a 52-week low of Rs 468.45 on 5 February 2019.

Astec Lifesciences said that its board reviewed the proposed amalgamation of the company with Godrej Agrovet and it has decided not to pursue the scheme of amalgamation further at this time, on the basis of its interaction with multiple stakeholders across the company and Godrej Agrovet.

On a consolidated basis, net profit of Astec Lifesciences declined 25.87% to Rs 12.72 crore on 4.21% rise in net sales to Rs 133.76 crore in Q4 March 2019 over Q4 March 2018.

Astec Lifesciences manufactures a wide range of agrochemicals and pharmaceutical intermediates.

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