Fresenius Kabi tanks 19% ahead of SAT hearing on delisting

Shares of pharmaceutical company Fresenius Kabi Oncology plummeted nearly 19 percent in morning trade ahead of Securities Appellate Tribunal (SAT) hearing today on the company's delisting plan.

After making a weak opening, shares of the company further tanked 18.1 per cent to Rs 119.9 on the BSE.

At the NSE, the stock tumbled 18.64 percent to Rs 119.10. Fresenius Kabi Oncology has again approached SAT against Sebi which recently gave a conditional nod to the company to delist from the Indian stock market.

Pursuant to an earlier SAT order, the Securities and Exchange Board of India (Sebi) on July 22 allowed the healthcare services firm to delist after meeting some conditions.

The company has filed a fresh appeal before SAT which would be heard today.

Allowing the company to initiate the delisting process, Sebi has asked it to complete the delisting procedure in three months.

Besides, the company would have to take into account its pre-OFS (Offer for Sale) promoter holding of October 2012 to determine the minimum number of shares to be acquired for the delisting.