Pioneer Distilleries plunges 5%; stocks hits lower circuit

Shares of Pioneer Distilleries today plunged 5 per cent to hit the lower circuit limit after promoter United Spirits fixed a floor price of Rs 38 per equity share for the stake sale, well below the current market price.

As of September 30, Vijay Mallya-led United Spirits held 81.99 per cent stake in Pioneer Distilleries.

Pioneer Distilleries had on last Friday, informed the stock exchanges that United Spirits proposed to sell 9,35,982 equity shares representing around 7 per cent of total equity of the company on October 23, 2012.

The scrip of the company fell by 4.99 per cent to touch the lower circuit at Rs 45.65 on the BSE. At NSE, the stock was down 4.98 per cent to Rs 43.90. The floor price for the sale of shares is Rs 38, which is at a discount of over 20 per cent to current market price.

Meanwhile, in the broader market, the BSE benchmark Sensex was trading at 18,747.30, down 46.14 points at 1240

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