AstraZeneca Pharma plunges 9% as board defers delisting offer

NEW DELHI: AstraZeneca Pharma Ltd took a beating on Thursday after the Indian arm of Swedish drug maker AstraZeneca Pharmaceuticals AB, deferred its delisting from the stock exchanges, which had been proposed by its parent company last week.

The stock had rallied nearly 40 per cent in the last five trading sessions.

It closed the day on BSE today at Rs 1,064.35, down 9.31%.

In a post market announcement to the BSE, the company said, "The Board of Directors met on March 5, 2014 to consider the delisting proposal. After discussion, it was decided to seek additional information from the promoter - AstraZeneca Pharmaceuticals AB, Sweden. Pending receipt of such additional information, consideration of the promoter's letter dated March 1, 2014 was deferred."

The Swedish parent holds a 75 per cent stake in the Indian unit.