Eveready Industries hits over 5-year low, stock tanks 75% in eight months

Eveready initiated discussion early this year with some companies, including Energizer and Duracell, to sell its battery business to pare debt

Shares of Eveready Industries hit an over five-year low of Rs 57, down 5 per cent on the BSE on Monday after the company announced that Calcutta High Court has restrained from transferring, alienating or encumbering any of its assets till the application filed by Infrastructure Leasing & Financial Services (IL&FS) was disposed of. The High Court Order is likely to delay the company’s plan to sell its battery business to pare debt.

The stock has been locked in lower circuit for the fifth straight trading days. It was trading at its lowest level since May 27, 2014.