Shares of Amara Raja Batteries Ltd (ARBL) plunged nearly 7 per cent and were trading close to 52-week low in intra-day trade on Wednesday after the company terminated agreement between Galla Family Johnson Controls (Mauritius) and Johnson Controls Battery Group. As a result of this, the Gala family has taken control of the company.
Weighed down by the development, shares of auto ancillary company declined as much as 6.66 per cent to hit an intra-day low of Rs 672.10 apiece, close to its 52-week low value of Rs 670.65 touched on December 11, 2018.
Amara Raja Batteries has informed the exchange regarding the termination of shareholders agreement between Galla Family and Johnson Controls (JC) and consequent termination of other agreements entered by the Company with JC," the company said in a statement.
According to data available with exchange, as much as 1.87 lakh shares changed hands on the BSE so far as compared to two-week average of 0.40 lakh shares.
In a similar trend, shares of the company were trading 6.05 per cent lower at Rs 677.15 on the National Stock Exchang
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