Surana Telecom and Power tumbles 5% after divesting stake in subsidiary

Surana Telecom and Power tumbled more than 5 percent intraday on April 3 after the company divested 100 percent equity stake in its wholly owned subsidiary Globecom Infotech Private Limited.

The Fiber optic cable manufacturer in its BSE release said that the stake in Globecom has been divested to the promoter group at a consideration of Rs 1,00,000.

Globecom Infotech Private Limited, which had a net worth of Rs 88,903, contributed 0.008 percent of the net worth of Surana Telecom and Power Limited during the last financial year 2017-18.

At 1259 hrs, Surana Telecom and Power was quoting Rs 4.17, down 5.23 percent on the BSE.