AstraZeneca up 20% on delisting proposal, locked in upper circuit at Rs 1,110.90

NEW DELHI: Shares in Astrazeneca Pharma India Ltd surged as much as 20 per cent in trade on Monday to their maximum daily limit after the drug maker says its board would meet on Wednesday to discuss delisting proposal.

At 10:15 a.m.; AstraZeneca Pharma was locked in upper circuit at Rs 1110.90, up 20 per cent.

AstraZeneca Pharma India said in the filing before markets opened on Monday that its board received a request from its promoter, AstraZeneca Pharmaceuticals AB (AZP AB) Sweden, to initiate a voluntary delisting process.

Astrazeneca Pharmaceuticals AB holds 75 percent in AstraZeneca Pharma India, said a Reuters report.

Following the momentum, Sandeep Wagle, Founder & MD, APTART Technical Advisory Services advises investors to ‘buy’ the stock at current levels for a target of Rs 1020, keeping a stop loss below Rs 884.