CESC tumbles 14% on concern over Firstsource acquisition

CESC, engaged in the generation & distribution of electricity, tumbled 14% on Friday on concern over the company'sdecision tobuy 49.5% stakein Firstsource Solutions (FSL) for Rs 3.95 billion.

ASanjiv Goenka-promotedpower utility company has also made open offeron Thursday to acquire additional 26% at Rs 12.2 a share of face valueof Rs 10each, which will raise company's shareholding to75.5%.

Shares ofthe companyare trading at Rs 285.10, down Rs 46.9, or 14.13% at the Bombay Stock Exchange (BSE) on Friday at 10:53 a.m.The scrip has touched an intra-day high of Rs 320 and low of Rs 270. The total volume of shares traded at the BSE is 836,168.In the earlier session, the shares lost 3.02%, or Rs 10.35, at Rs 332. Currently, the stock is trading down 17.48% from its 52-week high of Rs 345.50 and above 53.03% over the 52-week low of Rs 186.30.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 339.05 (7.05) (2.08) 1 Month 332.10 (0.10) (0.03) 3 Months 282.75 49.25 17.42 6 Months 250.45 81.55 32.56 1 Year 260.90 71.10 27.25 Note: Based on previous day closing price.