Shares of software solution company Mastek Ltd nosedived 67.5 per cent on intense selling, as the stock price adjusted for demerger of its insurance business. The stock tumbled 67.45 per cent to Rs.142.50—its 52-week low on the BSE. On the NSE, it crashed 67.46 per cent to hit its one-year low of Rs.142.50.
Mastek on 4 June informed BSE that 15 June has been fixed as record date for the purpose of determining the members of Mastek to which shares of Minefields Computers will be allotted in the ratio of 1:1.
The scheme of arrangement involves demerger of insurance products and service business of Mastek into Minefields Computers, followed by slump sale of Offshore Insurance Operations by Minefields Computers Pvt Ltd (MCPL) to Majesco.
Majesco will constitute the insurance products and services business of Mastek, the filing had said.
The stock turned ex-date on Friday to reflect the spin-off. Meanwhile, the benchmark BSE Sensex closed at 26,425.30 points, up 54.32 points, or 0.21 per cent.