Henkel India tanks 14% this week

Shares of Henkel India, which operates in business areas of laundry, home care, cosmetics, toiletries and hair care, fell 14% this week that may be due to profit booking. The stock had rallied more than 24% last week as the company will be merged with Jyothy Labs soon.

Recently board of directors of the company approved to merge Henkel with Jyothy Labs. Jyothy holds 83.66% stake in Henkel and will issue one share of the company to Henkel's shareholders for eight shares held by them in Henkel.
 
At 11:28 hours IST, the share was trading at Rs 26.35, down 4.87% with pending sell orders of 7,612 shares.
 
Market capitalisation of the company currently stands at Rs 306.87 crore.