Mangalore Chemicals and Fertilisers (MCF) is falling like there is no tomorrow! The stock is down 10% at Rs.50.60, its current intra day low.

The stock has slumped on news that Deeepak Fertilisers too has entered the race to acquire MCF and it acquired a 24.5% stake , through its wholly owned subsidiary, SCM Soilfert. Shares were bought on the BSE at an average price of Rs.61.75/share. These shares were sold by Delhi-based Burman family, Sundaram BNP and DSP Blackrock.  If one may recollect, Zuari Fertilisers, in April’13 had also picke dup a 10% stake in MCF.

Deepak Fertilsiers is now the largest shareholder in the company and is expected to launch an open offer for MCF in the next few days.