A combination of weak results and plans to acquire Liberty Phosphate seemed to have affected Coromandel International, as the stock slumped by 7 per cent in early trade on Friday. The stock is trading at Rs 215.5, down Rs 16.5 or 7.03 per cent at Rs 214.05.
It, in fact, touched its 52-week low of Rs 210.05, in the first few minutes of trade.
On the other hand, Liberty Phosphate rallied as much as 5 per cent after Coromandel International bought 56.28 per cent stake at Rs 241 a share.
Coromandel has also made an open offer for a further 26 per cent stake in Liberty Phosphate at Rs 241 a share.
Coromandel on Thursday reported a 48 per cent decline in its consolidated net profit at Rs 68.39 crore for the quarter ended December 31, 2012.