Ineos Styrolution, which had closed yesterday at Rs.875.55, opened today 20% lower at Rs.700.45, hitting the LC of the day, where it currently stays frozen.
The market is disappointed that the promoter of the company rejected the discovery price of Rs.1100 for the proposed delisting of shares and also decided against making any counter offer. Thus a failed delisting has led to traders scampering out of the stock.
The promoter, UK based INEOS Styrolution APAC, who held 75% stake, was to acquire 25% of the share capital at Rs.480/share.
The delisting offer was open between July 17 and July 22.