Tata Global Beverages plunges over 8% on merger plan

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Tata Global Beverages plunges over 8% on merger plan
Shares of Tata Global Beverages, a subsidiary of the Tata Group, tanked over 8 per cent in early trade on Bombay Stock Exchange (BSE) after the company proposed to merge its subsidiary Mount Everest Mineral Water (MEMW) with itself for better synergy and operational efficiency.

Besides, the company has reported a 51 per cent jump in its consolidated net profit for the quarter ended September at Rs. 180 crore from Rs. 119 crore in the same period last year.

Weighed down by merger plan, shares of company declined as much as 8.60 per cent to trade at Rs 141.35 a piece on the BSE. In a similar fashion, shares of the company slipped 5.08 per cent to Rs 146.70 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 20,290.50, up 8.59 points or 0.04 per cent at 10:00 hours.

Dion Global Solutions Ltd.

Story first published: Wednesday, November 13, 2013, 12:56 [IST]
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