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Shares of batteries manufacturer Amara Raja Batteries Ltd rose as much as 3.8 per cent at Rs 698 - their biggest intra-day percentage gain since February 1.
The company said on Wednesday the Galla family had agreed to buy 2 per cent of the company from Johnson Controls & terminate the shareholders’ agreement with effect from April 1, 2019.
Morgan Stanley said investors they spoke to tend to agree that the development should not lead to any material disruption in business.
The key investor concern has centred on what Johnson Controls might want to do with its 24 per cent stake and whether it might look to sell that stake in the open market, thus putting pressure on the stock, MS said in a note.
Over 1.5 million shares traded in the first hour of trade, which is nearly double their 30-day average volume of 7,36,963 shares.
The share closed the day at Rs 675.70 , up Rs 3 .35 (+0.50%) on the BSE.
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