PI Industries is among the top five losers on the BSE since the opening bell. The stock opened 5% lower at Rs.2850 and went down to an intraday low at Rs.2756.20, plunging over 8%. Its 10% LC for the day is at Rs.2676.70.
The stock price tanked after the company announced that it has terminated the agreement to acquire Ind-Swift Labs on a slump sale basis.
The company said that due to non-fulfillment and also disagreement on some of the pre-agreed conditions, it decided not to further pursue the transaction.
PI Industries, in July 2021, had executed a Business Transfer Agreement (BTA) with Ind-Swift for acquisition of their API and Intermediates business undertaking on a slump sale going concern basis for purchase consideration of Rs 1,530 crore.