Friday, March 14, 2008

Bajaj Holdings & Investment plunges over 60%

Bajaj Holdings & Investment, erstwhile Bajaj Auto, got listed at Rs 1,100 at the Bombay Stock Exchange (BSE).

The scrip touched a high of Rs 1,143.80. However, within minutes of trading the scrip plummeted 64.47% to trade at Rs 739 on volumes of 54,277. The scrip has touched a low of Rs 720. (10.05 a.m.)

Following the scheme of demerger of Bajaj Auto, three new companies are formed instead of single earlier.

Under the scheme of demerger, Bajaj Holdings & Investment (the new name of Bajaj Auto) will function as an investment company and focus on new business opportunities.

Two more companies - the new Bajaj Auto and Bajaj Finserv are expected to get listed by April end.

The new Bajaj Auto will on the automotive business, while Bajaj Finserv will focus on wind energy generation, insurance and finance.

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