Adverse merger ratio reports scythe IFCI

DALAL STREET SPIKES

Reports of adverse merger ratio resulted in IFCI getting locked at 20 per cent lower circuit at Rs 12.70 minutes after the opening bell.

According to sources, there were pending sell orders of 4.8 lakh shares at the counter as investors rushed to offload their holdings. Towards the end of market hours, PNB clarified that they have not yet worked out the merger ratio.