AstraZeneca India plunges; delisting decision delayed

Reuters Market Eye - AstraZeneca Pharma India shares plunge after its board late on Wednesday deferred a proposal to delist the company from Indian exchanges.

The board deferred the proposal saying it would seek additional information from its promoter AstraZeneca Pharmaceuticals AB (AZP AB) Sweden, which had sought the delisting.

AstraZeneca shares surged 47 percent in the four trading sessions till Tuesday on expectation that the delisting price would be at a substantial premium to the existing market price of the company.

AstraZeneca shares down 7.6 percent at 1,086 rupees as of 11.13 p.m.

(Reporting by Indulal PM)