Religare Enterprises falls 4.5%

Religare Enterprises fell 4.5% today to Rs.55.50; though it has since ten recovered from this intra day low point, it remains firmly in the red.

The stock price fell today after Edelweiss Financial Services announced that its deal to acquire Religare Enterprises security business has ended as Religare failed to get the necessary regulatory approvals.

The approvals were needed to be in place within the agreed timeline, failing which, the binding agreement came to an end on 15 March.

In December, Edelweiss had announced its plan to buy Religare's securities business, which includes securities and commodities broking, and depository participant services.