West Coast Paper slips as International Paper eyes stake

West Coast Paper Mills has plunged 8.2% to Rs 65 on reports that US-based International Paper Mills is planning to buy a stake in the West Coast Paper Mills.

According to news reports the deal is pegged at around Rs 800-1,200 crore. International Paper Mills bought AP Paper earlier this year.

The stock opened at Rs 72 and touched the the low of Rs 61.20 in the opening deals. The trading volumes have surged on the counter as 2.6 million shares have changed hands compared to 4,26,000 shares that were traded daily in the past two days.