Chettinad Cement tanks 10% on discounted delisting price

Promoters set floor price at Rs 540 a share, stocks hits circuit breaker

Chettinad Cement Corporation has tanked 10% to Rs 718, its maximum down limit of the day, after its promoters set the floor price for delisting at Rs 540 a share, a much below the current market price.

The stock touched an all-time high of Rs 875 on May 15, have rallied 54% since the company announced that its board will consider the delisting proposal.

A combined 20,802 shares have changed hands on the counter so far and there are pending sell orders for 9,280 shares on the NSE and BSE.