ABB dips over 5% on denial of delisting plans

ABB dips over 5% on denial of delisting plans
Shares of ABB Ltd, a leader in power and automation technologies, tanked over 5 per cent in early trade on Bombay Stock Exchange (BSE) after the company denied delisting of the company's equity shares from the stock exchanges.

"The company has checked with its majority shareholder who has confirmed there is no intention to buy additional shares and thus commence the de-listing process," ABB said in its filing to BSE.

On Friday, the stock rallied over 21 per cent on buzz that the company is planning to delist from the stock exchange.

Reacting to news, shares of company declined as much as 5.69 per cent to trade at Rs 622.55 a piece on the BSE.

In a similar fashion, shares of the company were trading at Rs 650.20 a piece, down 1.50 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 20,421.22, up 135.10 points or 0.67 per cent at 9:45 hours.

Read more about: abb
Story first published: Monday, May 20, 2013, 13:32 [IST]
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