ABB India share price declines 3%; arm gets listed on BSE, NSE

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ABB India share price declined over 3 percent intraday on March 30, the day its arm, ABB Power Products and Systems India Limited, listed on BSE and NSE.

The Indian arm of ABB’s power grids business announced its listing on the exchange as ABB Power Products and Systems India Limited, a press release said.

The company demerged from ABB India with effect from December 1, 2019.

For the period of April to December 2019, the business had a revenue of Rs 3,231 crore, with a profit before exceptional items and tax of Rs 261 crore (PBT at Rs 221 crore).

ABB Power Products and Systems India Limited is the standalone legal entity of ABB’s Power Grids business in India.

"Our listing on the Indian stock exchanges is a sign of our commitment to continue delivering value for our customers and shareholders," said N Venu, Country Managing Director of ABB Power Grids

At 1355 hours, ABB India was quoting at Rs 838.00, down Rs 15.10, or 1.77 percent on the BSE.