ABG Shipyard plunges a whopping 15%

The company clarified that it is exploring the possibility of bringing in a strategic investor. Promoters may have to give up control if they fail to bring in investment, as per a CNBC TV18 report.

May 06, 2016 06:05 IST India Infoline News Service

ABG Shipyard Ltd ended 20% lower at Rs.30.65. Promoters may have to give up control if they fail to attract investors. Lenders are likely to invite public bids to acquire majority stake in CO.  ABG owes Rs.11,000cr to a consortium of 22 Banks led by ICICI Bank, as per a CNBC TV18 report.

The company clarified that it is exploring the possibility of bringing in a strategic investor.
The scrip opened at Rs. 38.5 and touched a high and low of Rs. 38.5 and Rs. 30.65 respectively. A total of 12515306(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 206.94 crore.
The BSE group 'B' stock of face value Rs. 10 touched a 52 week high of Rs. 210.75 on 24-Jul-2015 and a 52 week low of Rs. 38.3 on 05-May-2016. Last one week high and low of the scrip stood at Rs. 48 and Rs. 38.3 respectively.
The promoters holding in the company stood at 33.26 % while Institutions and Non-Institutions held 11 % and 55.74 % respectively.
The stock traded below its 200 DMA.

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