The board also decided to look for prospective buyers to dispose off the division on the terms and conditions that are in the best interest of the company, the release added.
The stock opened at Rs.28 as against the previous close of Rs.31 on BSE. It has hit a high of Rs.28.15 and a low of Rs.27.60 on BSE today.
Total traded quantity on the counter stood at over 1,159 lk shares on BSE.
On Monday, the benchmark BSE Sensex finally ended 59 points lower at 28,202. In the process, the Sensex has now shed 534 points in the last four days.
The NSE Nifty today touched a high of 8,608 and a low of 8,541, before settling with a loss of 20 points at 8,551. The NSE index has declined 2 per cent (172 points) in the last four trading sessions.
The India VIX (Volatility) index was up a wee bit at 14.27.