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Sanghi Industries shares fell by 13% by Adani Group's big decision
Sanghi Industries shares fell by about 13 percent in early trade on Wednesday. It went to the level of Rs 67.01 intraday on NSE, which is its 52-week low. Sanghi Industries shares have been declining for a long time. It has given a negative return of about 15 percent in a month and 35 percent in 6 months.
The billionaire businessman Gautam Adani, who owns Adani Group has decided to merge some of its cement businesses. Adani Group owns cement companies like Ambuja Cement, ACC, Penna Cement, and Sanghi Industries. In this, Penna Cement and Sanghi Industries will be merged with Ambuja Cement. Due to this decision, Sanghi Cement shares are seeing a huge decline.
Sanghi Industries shares fell by about 13% in early trade on Wednesday. It had hit a level of Rs 67.01 intraday on NSE, which is its 52-week low. Sanghi Industries shares have been declining for a long time. It has given a negative return of about 15% in a month and 35% in 6 months. Sanghi Industries shares have fallen by 48% in a year. The market cap of Sanghi Industries is Rs 1.78 thousand crore.
Ambuja Cements on Tuesday announced the merger of its subsidiaries - Saurashtra-based Sanghi Industries (SIL) and Andhra Pradesh-based Penna Cement Industries Limited (PCIL) together. Ambuja, the country's second-largest cement manufacturer, said in a statement, "This consolidation will help us improve our business. Also, it will be easier to comply with the rules.''
