GTC Industries down on demerger plans

MUMBAI: Shares of GTC Industries tripped 3.35 per cent Monday in line with the falling market. At 10:55 am, the stock was down 3.35 per cent at Rs 483. It touched a high of Rs 496 and low of Rs 478. GTC Industries will be demerging its tobacco and real estate business into two separate entities. The demerged entities would be listed separately on the stock exchanges in India. The Economic Times had reported plans of a demerger of the real estate business last November. The stock, in anticipation of such a move, had risen 38 per cent during February to close at Rs 499.75 on BSE on Friday.