Omkar Speciality Chemicals down 6% despite expansion plans

NEW DELHI: Shares of Omkar Speciality Chemicals plunged by 6 per cent on Tuesday despite the company announced that it has framed “concrete plans” for its business expansion by scaling up its activities in existing segments like pharmaceuticals.

Following the development, the shares of the company fell as much as 6.43 per cent to end the day at Rs 86.65 on BSE. The scrip opened at Rs 93.30 and touched an intraday high and low of Rs 94.75 and Rs 86.40, respectively.

In a filing to BSE, Omkar Speciality Chemicals said, “The company would like to penetrate into segments like fragrances and flavours, foods & beverages, etc. in which new products will be launched in immediate future.”

These products will have end application in FMCG sector. Negotiations for suitable business acquisitions are under initial stage, the report added.

The stock scaled to its fresh 52-week high of Rs 94.90 on June 12, 2017 and touched its 52-week low levels of Rs 59.69 on November 9, 2016.

On the BSE, 1.76 lakh shares were traded on the counter as compared to a two-week average of 67,000 shares.