Siemens extends fall on board nod for sale of mobility, rail traction ops

The stock dipped 3% to Rs 1,159 on Friday in intra-day trade, extending its Thursday's 4% fall on the BSE.

Siemens dipped 3% to Rs 1,159 in intra-day trade on Friday, extending its 4% fall on Thusday, in otherwise firm market after the company said its board approved to sell its mobility division and rail traction drives business.

“The mobility division accounts for 10.46% of the turnover and 2.82% of the capital employed of the company for the year ended September 30, 2017,” Siemens said in a regulatory filing on February 21, after market hours.

Following a global announcement made by Siemens AG, Germany (parent company of Siemens) to set up a standalone company for the mechanical drives