New Delhi: Shares of Motherson Sumi NSE -20.10 % Systems dropped 22 percent in Friday’s session on the National Stock Exchange (NSE) ahead of the company’s record date for the demerger of its wiring harness undertaking.
The board of auto parts makers has fixed the record date for the scheme of arrangement as Monday, January 17. According to the stock exchange intimation, existing Motherson stock will trade ex-domestic wiring harness from Friday.
Following the update, shares of Motherson Sumi System dropped 22.12 percent to Rs 182.85 on Friday on NSE. The scrip had settled at Rs 234.80 on Thursday.