Piramal Enterprises cuts gains as company clears the air

Piramal Enterprises (PEL) lost some of its early fizz as the company clarified that news reports about a potential demerger of its financial services and pharmaceutical businesses in 2018-19 are factually incorrect.

The company made its stand clear through a communication to exchanges. “PEL categorically refutes this news article as there is no such plan being currently implemented by the company,” Piramal Enterprises said.

Earlier, the scrip rallied after the Business Standard reported that the company has finalised a plan to demerge its financial services and pharmaceutical businesses and list them on stock exchanges to unlock value in the two fast-growing sectors.


The scrip rallied as much as 7.68 per cent to its fresh 52-week high of Rs 3,014.90. It was up 3.21 per cent at Rs 2,889.55 after the clarification.