After rising almost 80% over the past eight sessions, BF Investments hit the 10% LC today at Rs.413.65.
The stock price crashed after the company board said today morning that it would not be able to go ahead with its delisting proposal.
One of the promoter members sold 400 shares of the company on 30th June’22. This is in contravention to the delisting regulations, which disallows promoter or promoter group to sell their shares six months prior to the initial public announcement of delisting.
BF Investment is a part of $2.5 billion Kalyani Group from Pune, formed by demerging investment business of BF Utilities by way of a Composite Scheme of Arrangement, wherein the Investment Business was transferred to BF.