Aditya Birla Nuvo Sinks 25% On Merger Announcement With Grasim

Aditya Birla Nuvo sank as much as 25 per cent on Friday following its merger announcement with subsidiary Grasim Industries.  Post the merger, Aditya Birla Nuvo's financial services business will be spun off into a separate entity.  Under the deal, shareholders of Aditya Birla Nuvo will get 3 shares of Grasim for every 10 shares of Aditya Birla Nuvo. When Aditya Birla Financial Services is spun off from Grasim, shareholders will ge...