Essar Oil, AstraZeneca shares gain on delisting plans

Written by Reuters | Updated: Jun 23 2014, 17:34pm hrs
Essar OilEssar Oil gains 4.97 percent to its daily limit after the company's board approved a proposal to delist the company. (Reuters)
Shares of Ruias-led Essar group firm Essar Oil and that of Indian unit of global pharma giant AstraZeneca surged today on the back of delisting plans of the two companies.

Essar Oil shares rose by 5 per cent to hit its upper circuit limit of Rs 113.8 in the opening trade itself at the BSE.

The company's board held a meeting yesterday and approved a delisting proposal. The board also decided to seek the consent of the company's shareholders for delisting.

The meeting was originally scheduled for today, but was held yesterday itself.

Meanwhile, shares of AstraZeneca Pharma India also rose sharply in early morning trade after the company's shareholders approved a delisting proposal. Its stock also witnessed a sharp surge in its trading volume.

It was up over three per cent at Rs 1,144, after hitting a high of Rs 1,245 in the opening trade at the BSE.

Earlier on Friday, the company announced that its shareholders have approved a proposal for its delisting.