CESC shares crash over 15% after biz restructuring

Shares of CESC Ltd tumbled over 15 per cent, wiping out nearly Rs 2,600 crore from its market valuation, after the RP Sanjiv Goenka Group announced restructuring of the flagship firm by splitting it into four companies.
The stock dived 15.10 per cent to settle at Rs 829.80 on BSE. During the day, it nosedived 16.92 per cent to Rs 812.
On NSE, shares of the company slumped 14.91 per cent to end at Rs 830.30.
The company's market valuation declined by Rs 2,588.82 crore to Rs 10,367.18 crore.
On the volume front, 5.91 lakh shares of the company were traded on BSE and over 81 lakh shares changed hands at NSE during the day.

Group chairman Sanjiv Goenka said CESC is being spilt into four companies by way of 'mirror image' demerger for value unlocking and focused management into each of the verticals.
He said all power distribution business of the group will be under CESC Ltd, all generation activity will be housed in CESC Generation, the retail business Spencer's will be a separate company and all non-power and retail will be under CESC Ventures.
All these four entities will be listed and the effective date will be October 1.