Indian agro chemical maker PI Industries drops as IND Swift Lab deal falls through

PI Industries

02/11/2021 04:55

** Shares of agro chemicals maker PI Industries  PIIL.NS 
fall as much as 8.2% to 2,725 rupees, biggest intraday drop
since March 2020
    ** Co said on Monday its deal with active pharmaceutical
ingredient maker IND Swift Laboratories  ISLB.NS  fell through
 urn:newsml:reuters.com:*:nFWN2RS267
    ** Says transaction was subject to fulfilment of some
pre-defined conditions before Oct. 31, which IND Swift
Laboratories has not been able to complete 
    ** Co not to pursue deal because of "non-fulfillment and
also disagreement on some pre-agreed conditions"
    ** IND Swift Laboratories' stock, meanwhile, rose as much as
10% to 67.15 rupees, its biggest gain since July
    ** IND Swift said its board had decided not to extend the
date for the transaction
    ** Separately, IND Swift on Monday reported a Sept-qtr
consol profit after tax of 244.7 mln rupees, a nearly 150% rise
compared to last year
    ** By 0441 GMT, about 531,937 PIIL shares were traded, 1.5 x
the 30-day avg
    ** As of last close, PIIL has gained about 37% this year,
while ISLB has dropped about 2%
    

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com))