The stock so far has plunged 5.4 percent to a low at Rs. 1,091 on the BSE.
Strides Arcolab is trading on a negative note after the Foreign Investment Promotion Board (FIPB) has rejected proposal of the company.
On Wednesday, after market, the company informed the BSE that the Press Information Bureau, Government of India, has issued a press release dated June 17, 2015 on the outcome of the FIPB meeting held on May 28, 2015 which stated that company's application of issuing equity shares to non-resident shareholders of Shasun Pharmaceuticals under the proposed Scheme of Amalgamation has been rejected.
However, the company is awaiting a formal communication from FIPB in this regard.
The stock so far has plunged 5.4 percent to a low at Rs. 1,091 and is now down 2 percent at Rs. 1,129.
Meanwhile, the Sensex has jumped 206 points at 27,039.
On Wednesday, after market, the company informed the BSE that the Press Information Bureau, Government of India, has issued a press release dated June 17, 2015 on the outcome of the FIPB meeting held on May 28, 2015 which stated that company's application of issuing equity shares to non-resident shareholders of Shasun Pharmaceuticals under the proposed Scheme of Amalgamation has been rejected.
However, the company is awaiting a formal communication from FIPB in this regard.
The stock so far has plunged 5.4 percent to a low at Rs. 1,091 and is now down 2 percent at Rs. 1,129.
Meanwhile, the Sensex has jumped 206 points at 27,039.
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