Astrazeneca Pharma sinks 10pc on deferment of delisting offer

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Shares in Astrazeneca Pharma India dropped as much as 9.85 per cent on Thursday after the drug maker’s board decided to seek additional information from its promoter about the delisting proposal.

“Pending receipt of such additional information, consideration of the promoter’s letter dated March 01, 2014 was deferred,” said Astrazeneca Pharma in a communication to the BSE.

AstraZeneca shares surged 47 per cent in the four trading sessions till Tuesday on expectation that the delisting price would be at a substantial premium to the existing market price of the company.

The stock traded 8 per cent lower at Rs. 1,080.50 on the NSE as of 10.10 a.m. after earlier hitting a low of Rs. 1,062.30. Astrazeneca shares had fallen 5 per cent after earlier rising for six straight days.