Prabhat Dairy plunges 17%, plumbs 52-week low
Shares of the company, however, pared losses and traded 3.75 per cent down at Rs 89.80
By ETMarkets.com |
Getty Images
NEW DELHI: Prabhat Dairy shares plunged 17 per cent to plumb a 52-week low of Rs 77 on BSE in Monday after reports came that Tata Sons had rejected a proposal for Tata Global Beverages to buy Prabhat Dairy for about Rs 400 crore.
“The board did not consider it significant enough to scale up the business in the challenging dairy sector, and instead asked Tata Global Beverages to focus on its core business,” ET reported quoting a person with knowledge of the development.
Analysts think Tata Global’s previous acquisitions have not been very successful and Prabhat Dairy, based in Navi Mumbai, is not a fit.
Shares of the company, however, pared losses and traded 3.75 per cent down at Rs 89.80
“The board did not consider it significant enough to scale up the business in the challenging dairy sector, and instead asked Tata Global Beverages to focus on its core business,” ET reported quoting a person with knowledge of the development.
Analysts think Tata Global’s previous acquisitions have not been very successful and Prabhat Dairy, based in Navi Mumbai, is not a fit.
Shares of the company, however, pared losses and traded 3.75 per cent down at Rs 89.80
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
