Mandhana slumps 20% again, co in process of demerging retail biz

Moneycontrol Bureau

Shares of Mandhana Industries were locked at 20 percent lower circuit, at Rs 178.05 per share intraday on Tuesday. The stock fell 20 percent in yesterday's trade too (37 percent down in three days).

The company says that it is in process of demerging its retail business. It has also assured that there is no disruption in its normal and ongoing business. "The new retail company is in process of signing  contract with 'Being Human'", it says.In April, Bollywood superstar Salman Khan's Being Human Clothing, which was operating as a retail division of Mandhana Industries, has been demerged from the company to form Mandhana Retail Ventures (MRVL). MRVL will manufacture, retail and distribute the brand.   The Mumbai-based textile and apparel manufacturing company, is into an exclusive license agreement with Being Human-The Salman Khan Foundation for designing, marketing and distributing Being Human Clothing Products. The company has exclusive rights to promote and use the Being Human brand name worldwide for its Clothing Products with Salman Khan as the brand ambassador.

At 14:12 hrs Mandhana Industries was quoting at Rs 178.05, down Rs 44.50, or 20.00 percent on the BSE.