Astra Zeneca Pharma slides 7 per cent after board defers delisting plan

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, March 6, 2014, 9:57 [IST]

Shares in Astra Zeneca Pharma fell more than 7 per cent in trade, after the company's board deferred plans for a delisting, seeking additional information from the parent company.

The shares of the company were last trading at Rs 1070, down 7.2 per cent on the National Stock Exchange.

"Pending receipt of such additional information, consideration of the promoter's letter dated March 01, 2014 was deferred," the company said in a statement to the stock exchanges on Wednesday.

The shares of Astra Zeneca had last week hit a 52-week high following reports of a de-listing plan.

It maybe recalled that earlier this year, British drug maker, GlaxoSmithkline went to the market to increase its stake in the Indian subsidiary to about 70 per cent. There seems to be a lot of activity surrounding MNC pharma stocks.

GoodReturns.in