Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.