Shares of KPIT Technologies
fell ~40% during intraday trade on Thursday following the demerger of its engineering division.
The stock has started trading ex-demerger as of today, January 24.
KPIT Technologies demerged its engineering division into a separate entity, KPIT Engineering. The company had fixed January 24, 2019, as the record date for the purpose of determining the eligible shareholders of the company entitled to receive the said equity shares of KPIT Engineering, as per filing.
KPIT in January last year had announced a merger with BirlaSoft and a simultaneous splitting off of the enlarged company into IT and Engineering Services.
The scrip opened at Rs135.95 and has touched a high and low of Rs149.50 and Rs123.15 respectively.