Prabhat Dairy plunges 17%, plumbs 52-week low

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New Delhi, December 06, 2018:  Prabhat Dairy shares plunged 17 per cent to plumb a 52-week low of Rs 77 on BSE in Monday after reports came that Tata Sons had rejected a proposal for Tata Global Beverages to buy Prabhat Dairy for about Rs 400 crore.

The board did not consider it significant enough to scale up the business in the challenging dairy sector, and instead asked Tata Global Beverages to focus on its core business,” ET reported quoting a person with knowledge of the development according to economictimes.indiatimes.com.

Analysts think Tata Global’s previous acquisitions have not been very successful and Prabhat Dairy, based inTata Sons  is not a fit.

Shares of the company, however, pared losses and traded 3.75 per cent down at Rs 89.80 

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