Riddhi Siddhi Gluco in the red

Riddhi Siddhi Gluco, a few weeks ago was hitting the 20% UC but has been having a volatile run on the bourses since yesterday, mostly in the red. The stock which closed yesterday at Rs.630.40, went briefly to an intra day high of Rs.639 but soon slipped to Rs.605; it recovered from there again and it now at Rs.630 levels.

Traded in the ‘X’ category, there was excitement over the delisting price and it came in yesterday – at Rs.510/ statement, which is a 19% discount to yesterday’s close.

The delisting plans were announce in the first week of December and since then, the price has been scaling over Rs.500, reaching the current levels now.

As of September 30, 2017, the promoters held 74.82% stake in commodity chemicals company. 

The current price is much higher than the delisting floor price; best to exit at market rate.