Stock of ITD cementation tanks on Thai parent’s plan to exit the company
ITD Cementation shares dropped 13.75% as promoter considers divesting stake. Stock surged 200% in past year, trading at PE ratio of 30.6. No final decision made yet.
of plunged 13.75% on Thursday after the announced its plan to divest its stake in the company.In a disclosure on Wednesday post-market hours, the company said that , the Thailand-based promoter, is exploring a potential of their in ITD Cementation.
ETMarkets.com"The company has also been informed that the process is currently at a preliminary stage and no definitive decision in this regard has been taken as yet. The company has no additional information to provide at this stage," it said in the exchange filing.
Analysts attributed the fall to a sharp rally in the stock over the past year. The stock surged more than 200% in the last year, compared to a 22% gain in the . It is currently trading at a of 30.6 times its trailing 12-month earnings, compared to its five-year average PE of 24 times.
Italian Thai Development Public Company is the sole promoter of and owned a 46.64% stake as of March 31, 2024. The stock of the had recorded a one-year high of ₹589.95 earlier this week on July 2.
Source: Stocks-Markets-Economic Times
