Grasim trades lower after spin-off from fin services

Grasim was to issue three shares for every 10 shares of Aditya Birla Nuvo held by investors

Grasim Industries on Wednesday ended 3.7 per cent lower on the BSE, after the spin-off of its financial services business became effective.  It had slipped seven per cent in intra-day trade to a low of Rs 1,013 from its opening of Rs 1,091 but recovered to close at Rs 1,050.  

In August 2016, the boards of directors of Grasim Industries, Aditya Birla Nuvo and Aditya Birla Financial Services (now known as Aditya Birla Capital or ABCL) approved the merger of Aditya Birla Nuvo into Grasim, and subsequent demerger and listing of its financial services business.

Grasim was