ABG Shipyard shares plunge 20% on reports of failure of strategic sale

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New Delhi | Updated: May 6, 2016 3:16:10 PM

ABG Shipyard shares tumbled 20 per cent on reports that the promoters of the debt-laden ship maker may have to give up control of the company after they failed to bring in an investor, yet again.

abg shipyard bse sensex sharesABG Shipyard shares tumbled 20 per cent on reports that the promoters of the debt-laden ship maker may have to give up control of the company after they failed to bring in an investor, yet again.(Photo: Reuters)

ABG Shipyard shares tumbled 20 per cent on reports that the promoters of the debt-laden ship maker may have to give up control of the company after they failed to bring in an investor, yet again. Vietnam-based Masan Group was earlier in talks with ABG Shipyard for a stake sale, but it is now understood that Masan has withdrawn interests in acquiring strategic stake in the company.

The share price of the company plunged 19.97 per cent to Rs 30.65 on Friday.

ABG Shipyard in a clarification to BSE said, “We would like to clarify that the company along with the lenders is exploring the possibility of bringing in a strategic investor and discussions are going on with several parties. However, we have still not reached the stage of any agreement which would warrant us to disclose to the stock exchanges.”

In the past one year, the share price of ABG Shipyard tanked 80.95 per cent to Rs 38.30 till May 5, whereas BSE Sensex fell 8 per cent during the same period.

(With inputs from Accord Fintech)

 

 

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