Volatile AstraZeneca Pharma rallies nearly 9% on de-listing plans

MUMBAI: Shares of AstraZeneca Pharma surged higher in trade after the company announced that the voluntary delisting proposal from AstraZeneca Pharmaceuticals AB, Sweden will be considered on March 15, 2014.

The Swedish parent holds a 75 per cent stake in the Indian unit and plans to delist shares from stock exchanges.

The stock has been witnessing wild swings this month due to lack of clarity on delisting plans.

Early this month, the stock had rallied nearly 35 per cent in two trading sessions after the company said it received a scanned copy of the letter from promoters, proposing to make a voluntary delisting offer to the public shareholders.

However, on March 6, the stock plunged over 9 per cent after the board of directors postponed delisting proposal as they needed more information before taking any decision.

At 11:03 a.m.; the stock was at Rs 1,158.70, up 8.71 per cent, on the BSE. It touched a high of Rs 1,135.10 and a low of Rs 1,169.80 in trade today.