Religare Enterprises’ stock dropped by over 5% following a stay order from the Madhya Pradesh High Court’s Jabalpur Bench on December 18.
The court halted the Burman family’s open offer to acquire an additional 26% stake in the company, as well as its upcoming annual general meeting. The stay follows a petition for an independent commission of enquiry regarding the acquisition by the Dabur promoters. This order will remain in place until further directions from the court.
The move comes after the Reserve Bank of India (RBI) had conditionally approved the open offer, with market regulator SEBI’s approval also reportedly finalized.
Religare Enterprises shares opened at ₹290.00 and reached a high of ₹300.95, with a low of ₹283.80 during the trading session. The stock’s 52-week high stands at ₹320.00, while the 52-week low is ₹201.60, indicating its price fluctuations over the past year.
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