Shares of AstraZeneca Pharma India Ltd were down by over 7 per cent in early trade today following the company's move to seek more information from the parent promoter on the delisting proposal.
AstraZeneca Pharma India Ltd's board of directors at its meeting on March 5, to discuss the delisting proposal, decided to seek additional information from the promoter AstraZeneca Pharmaceuticals AB, Sweden (AZP AB). The company has decided to defer consideration of the promoter's letter of March 1 till it got the information.
The parent company had asked the Indian arm to convene a meeting of the board to consider and approve the delisting proposal and take steps to get shareholders' nod for it. Subsequently, the board meeting was scheduled for yesterday.
Even yesterday, the stock had shed value and the losing streak in the counter continued today also with the stock shedding 7.08 per cent or Rs 83.15 to slip to Rs 1,090.50 on the BSE. It had closed at Rs 1,173.65 yesterday.
The share, which touched a 52 week high of Rs 1,285 on March 4 in the wake of the delisting move, has shed Rs 195 in the last two days.