Shares of most Godrej group stocks declined on Thursday after the Godrej family announced an agreement to divide the group into two.
Adi Godrej — the head of the family — and his brother Nadir Godrej will retain control of the five listed companies of the Godrej Group with interests in consumer goods, real estate, agriculture, chemicals, and gourmet retail, according to an exchange filing late on Tuesday.
The cousins, Jamshyd and Smita, will receive the unlisted Godrej & Boyce Mfg. Co. along with its affiliates and a vast land.
Godrej Industries Ltd. declined the most followed by Godrej Properties Ltd. which was down nearly 6%. Godrej Agrovet Ltd. and Godrej Consumer Products Ltd. were trading in the green. The benchmark NSE Nifty 50 was up 0.35% as of 12:10 pm. The market cap of the group stocks fell as much as Rs 7,791 crore during the day.
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