Spice Mobility shares tank 12% on bourses

Spice Mobility shares plunged 12 per cent after promoters Smart Ventures put the proposed delisting of the company on hold till further notice.
The stock slumped 12.02 per cent to settle at Rs 22.70 on the BSE. During the day, it tanked 12.79 per cent to Rs 22.50.
At the NSE, it fell sharply by 11.91 per cent to Rs 22.55.
Spice Mobility informed stock exchanges that it has received a letter dated May 6, 2015 from Smart Ventures Private Limited, the promoter of the company, communicating its decision to put on hold any step in the direction of proposed delisting of the equity shares till further notice.

Since the initiation of the process of delisting, there has been a significant change in the economic and market conditions, which are suggestive of a revival of investor interest within the industry space, the company said in a filing to the BSE today.
The promoters and the company have also received communications from some of the retail shareholders who are not in favour of delisting.

"In view of the above, we have decided to put on hold any step in the direction of delisting of the equity shares of the company till further notice.
"We will keep the board of directors of the company informed of any development in this regard," it added.

Smart Ventures Pvt Ltd has 74.36 per cent stake in the company, as per the company's March quarter shareholding pattern.
In the broader market, the benchmark BSE Sensex ended 629.82 points down at 26,877.48.