Sintex Industries, a leading plastic products manufacturer, announced on Wednesday the committee of board of directors of the company has decided to disinvest its entire equity stake in Zep Infratech, the wholly owned subsidiary of the company to Khadayata Decor.
The stock had underperformed the market over the past one month till Mar. 25, 2014, falling 18.50% compared with the Sensex's 5.77% rise. It underperformed the market in past one quarter, declining 8.91% as against 4.86% rise in the Sensex.
Shares of the company gained Rs 1.15, or 2.77%, to trade at Rs 42.65. The total volume of shares traded was 1,339,037 at the BSE (1.27 p.m., Wednesday).