The stock has gained over 35 percent in the last three days, and this announcement came in as a topping on the cake resulting in the stock rocketing 20 percent.
Shares of Prabhat Dairy rallied 20 percent in the early trade on September 6, a day after the company said it is mulling delisting from exchanges on September 10. The scrip was locked at the upper circuit.
The promoters will look to buy back 49.9 percent stake from the public shareholders as they already hold 50.1 percent stake in the company.
The stock has gained over 35 percent in the last three days, and this announcement came in as an icing on the cake resulting in the stock rocketing 20 percent.
The board of directors of Prabhat Diary accepted the resignation of Raviraj Vahadane, CFO of the company with effect from August 26, 2019.
At 0929 hrs, Prabhat Dairy was quoting at Rs 78.15, up Rs 13.00, or 19.95 percent. It touched an intraday high of Rs 78.15 and an intraday low of Rs 78.The scrip was trading with volumes of 18,094 shares, compared to its five day average of 2,680 shares, an increase of 575.15 percent.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.