PI Industries plunges 8% on termination of Ind-Swift slump sale agreement

The agreement had to be cancelled due to non-completion of several pre-agreed conditions precedents by Ind-Swift Labs

Shares of PI Industries were down 8 per cent to Rs 2,756 on the BSE in Tuesday’s intra-day trade after the company terminated the agreement related to acquisition on slump sale of Ind-Swift Laboratories (ISLL). This is due to ISLL has not been able to complete several of the pre-agreed conditions precedents.

“In view of non-fulfillment and also disagreement on some of the pre-agreed conditions, the company has decided not to further pursue the transaction,” PI Industries said in a statement.

PIs’ strategy to strengthen presence in custom synthesis exports through diversification into adjacencies including pharma remains intact.