Shares of Polaris Financial Technology slumped over 23 per cent during intra-day trade today as the stock went ex-demerger.
The company’s stock plunged 21.13 per cent to Rs 194.75 on the BSE.
At the NSE, the scrip plummeted 23.38 per cent to Rs 190.
In a filing to the BSE, Polaris had last month said the board of directors in its meeting held on September 24, had fixed the record date as October 10 for the purpose of determining the list of shareholders who are entitled to receive shares in Intellect Design Arena Ltd, the resulting company after the demerger.
The company had earlier announced the demerger of its products business into a separate entity called Intellect Design Arena and the scheme of arrangement has been sanctioned by the Madras High Court.
Under the scheme of demerger, each member of Polaris will be allotted one new share in Intellect Design Arena for every one share held in Polaris Financial Technology.
“Post the record date, Intellect Design Arena will allot its shares to the shareholders of Polaris Financial Technology,” the company had said in a BSE filing on September 26.