Navkar Corporation tumbles 24% from day's high on heavy volumes

Adani Logistics, a wholly owned subsidiary of Adani Ports and SEZ, has signed a definitive agreement to acquire the ICD "Tumb" (Vapi) from Navkar Corporation for an enterprise value of Rs 835 crore

Shares of Navkar Corporation tumbled 19 per cent to Rs 68.75 on the BSE in Tuesday's intra-day trade after the board approved transfer of business undertaking, Inland Container Depot (ICD) 'Tumb' situated Vapi at Gujarat, as a going concern, on an 'as is where is' basis for a lumpsum consideration of approximately Rs 835 crore to Adani Logistics.

The business undertaking accounted revenue of Rs 403.28 crore or 47 per cent of the Navkar Corporation's total revenue of Rs 856.41 crore.

The stock of the logistic solution provider reversed gains, and tanked 24 per cent from its 52-week