Piramal Enterprises share price falls after board defers plan to raise Rs 3,000 crore via debentures

Piramal Enterprises share price fell over 3% in trade today after the board decided to defer the issue of privately placed secured non-convertible debentures up to Rs 500 crore with an option to retain oversubscription of up to Rs 2,500 crore, aggregating the total issue size to Rs 3,000 crore.

Piramal Enterprises share price opened at Rs 1,870 on BSE, against the last closing of Rs 1895.35. It extended decline by falling 3.12% to an intraday low of Rs 1,836.20. The script has fallen 5.31% in the last two days.

The stock currently trades higher than 20-day moving average but lower than 5, 50, 100 and 200 day moving average.

Overall 0.36 lakh shares and 7.3 lakh shares are currently changing hands on the bourses, BSE and NSE, with higher volume registered closer to the higher price.

Both weekly and monthly MACD (Moving Average Convergence Divergence) trend have been bearish on the stock.

"At the meeting of Administrative Committee of the Board of Directors, it has been decided to defer the issue of privately placed NCDs aggregating up to Rs 3000 crores (including an option to retain over-subscription of up to Rs.2,500 crores) to a future date"  the company said in a BSE filing.

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