AstraZeneca shares drop on delist rejection report

AstraZeneca shares drop on delist rejection report

Mumbai: Shares in AstraZeneca Pharma India fell nearly 5% on Tuesday after the Economic Times reported citing sources that investors have rejected a plan by its parent to delist the Indian unit.

Sweden’s AstraZeneca Pharmaceuticals AB had sought to buy 10% or 2.5 million outstanding shares on BSE and NSE, the paper said.

AstraZeneca Pharmaceuticals, on 6 July, had fixed a floor price of Rs576.10 a share for the buyback.

A spokesman for AstraZeneca Pharma India declined to comment while the company secretary was not immediately reachable by Reuters.

At 9.24 a.m., shares were down 3.73% at Rs1,072.05 rupees in a weak Mumbai market.

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