The SAT hearing was made after the closure of market hours. Most dealers said the news of the Grasim appeal being dismissed by SAT was not known in the market. On The Stock Exchange, Mumbai (BSE) Grasim shares closed down Rs 6.15 at Rs 292.45 on a volume of 1,35,000 shares, bucking the overall bullish sentiment, while L&T shares closed up Rs 3.50 at Rs 204.30 on a volume of 7,83,980.
The benchmark BSE-30 Sensex closed higher by 46.64 points at 3,220.75 points. The shares of L&T is currently quoted Rs 14.30 higher to the open offer price of Rs 190 per share.
Kejriwal Research and Investment Services director Arun Kejriwal said: The key reason for Grasim shares spiralling down was the uncertainity over the open offer made for the diversified conglomerate L&T. While the stock of L&T surged higher on expectations of a higher open offer price, Grasim fell on fears that if it doesnt get the interim relief from SAT, it would be a setback for the company and its future plans.
Interestingly, ACC shares also moved up on the bourses on Thursday, spurred by the developments on the Grasim-L&T case. This can be traced to the fact that SAT has also asked Sebi to review the Gujarat Ambuja Cements Ltd (GACL) acquisition of stake in cement major ACC.
On the BSE, ACC shares closed up Rs 7.75 at Rs 162.90 on a volume of 7,51,110 shares while GACL closed up Rs 0.55 at Rs 164.
Earlier, Grasim Industries had appealed at SAT for an interim relief against Sebis directive to its merchant banker JM Morgan Stanley to stall the open offer for 20 per cent of L&T at Rs 190.
The offer was scheduled to commence on December 9.