Piramal Enterprises declines on deferring NCDs issue

Piramal Enterprises fell 1.96% to Rs 1,858.20 after the company deferred the proposed issue of privately placed non-convertible debenture aggregating upto Rs 3000 crore.

The administrative committee of the board of directors decided to defer the issue of privately placed non-convertible debentures (NCDs) aggregating upto Rs 3000 crore (including an option to retain over-subscription of upto Rs 2,500 crore) to a future date. The announcement was made after trading hours yesterday, 28 August 2019.

Shares of Piramal Enterprises fell 4.67% in two trading sessions to its current market price of Rs 1,858.20, from a recent closing high of Rs 1,949.25 on 27 August 2019.

On BSE, 21,000 shares were traded in Piramal Enterprises counter, compared to a 2-week average of 42,000 shares. The stock hit an intraday high of Rs 1,882.05 and an intraday low of Rs 1,836.20.

It hit a 52-week high of Rs 3,302.55 on 31 August 2018 and a 52-week low of Rs 1,651.80 on 7 August 2019.

Piramal Enterprises (PEL) is engaged in the business of pharmaceuticals, including research and development, financial services and information management through its subsidiaries. The company's pharmaceutical business consists of manufacturing and sale of own and traded bulk drugs and formulations.

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