Shares of Shipping Corporation of India Ltd. plunged over 26% after the stock turned ex-date for the demerger of its non-shipping business into a separate entity.
The company, in an exchange filing dated March 20, had fixed March 31 as the record date for the purpose of ascertaining the list of eligible shareholders of Shipping Corp. for allotment of equity shares by Shipping Corporation of India Land and Assets Ltd., each credited as fully paid up in the ratio of 1:1.
The Mumbai-headquartered company operates and manages vessel servicing.
Shares of the company tumbled 22.4% to close at Rs 93.6 apiece, compared to the 1.63% advance in the benchmark Nifty 50. The stock declined as much as 26.27% intraday.
The total traded volume stood at 0.7 times its 30-day average. The relative strength index was at 27, implying that the stock may be oversold.
The one analyst tracking the company maintained a 'hold' on the stock, according to Bloomberg.
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