Prabhat Dairy hits 52-week low as firm to sell milk business to Lactalis

The stock hit a 52-week low of Rs 78.15, down 16 per cent, falling 30 per cent from its intra-day high of Rs 111 on the National Stock Exchange (NSE).

Shares of Prabhat Dairy hit a 52-week low of Rs 78.15, declining 16 per cent from its previous close, and crashing 30 per cent from its intra-day high on the National Stock Exchange (NSE) after the company announced that global dairy major Lactalis will buy its milk business. The stock had rallied 20 per cent to Rs 111 on the NSE in early morning trade.

“The company has entered into definitive agreements with Tirumala Milk Products Private Limited, a wholly owned subsidiary of French dairy multinational Groupe Lactalis, for the sale of its dairy business for a consideration of Rs