BackIDFC stock tanks 12.6% post demerger
At NSE, shares of the company settled at Rs60.80, down 12.08%
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Mumbai: With IDFC Bank being carved out as the country’s newest bank, IDFC Ltd’s stock plunged by 12.6% to Rs60.30, while taking the pre-demerger closing price into account, the stock lost over 57% on Thursday.
Infrastructure financing firm IDFC on Thursday began trading as a stand-alone entity as part of the demerger scheme. IDFC Bank will get listed separately later.
The stock opened at Rs69 on BSE and finally ended at Rs60.30, down 12.6% from the opening price. During the day, it touched a high of Rs74.90 and a low of Rs59.70. At NSE, shares of the company settled at Rs60.80, down 12.08%. The stock closed at Rs141.30 (pre-demerger) on Wednesday.
Taking the pre-demerger closing price into account, the stock lost over 57% today. “Shares of IDFC nosedived in today’s trade following the demerger with IDFC Bank," said Achin Goel Head Wealth Management and Financial Planning at Bonanza Portfolio.
IDFC Ltd has fixed 5 October as record date for share transfer as part of demerger scheme, which became effective from today. “Pursuant to the demerger scheme, IDFC Bank will allot shares of IDFC Limited, whose name is recorded in the Register of IDFC Limited as on the record date, one equity share having a face value of Rs10 each of IDFC Bank Limited for every one equity share held by them in IDFC Limited, each equity share being fully paid-up," the company had said in a BSE filing.
The demerger scheme will be effective on 1 October when the financing undertaking of IDFC Ltd will be transferred to IDFC Bank, the filing had also said. It has fixed record date as 5 October for the purpose of entitlement of shares of IDFC Bank. Post the record date, IDFC Bank will allot its shares to the shareholders of IDFC Ltd, the company had said.
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