Shares of Tata Consumer Products Ltd slipped over 2% on Monday after the company decided to call off its plans to acquire Bisleri International.
According to an exchange filing, the company said that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter.
Tata Consumer had begun talks with Bisleri two years ago and last year reports said the company was set to acquire Bisleri International at approximately ₹7,000 crore.
As per reports, Jayanti Chauhan, daughter of Bisleri chairman Ramesh Chauhan, will now steer the bottled water company.
Shares of Tata Consumer have recorded a new 52-week low in the past seven days, and stock price has fallen 9.9% and underperformed its sector by 19.6% in the past year.
The stock's weekly average delivery volume is 63.44%.
"The stock has been forming lower top bottom and hence trend remains down. The support level for the stock is around ₹690 level followed by ₹652 level, resistance level is in the range of ₹726-737," said Ruchit Jain, lead research, 5paisa.com.
According to MintGenie poll, 25 analysts on an average recommend 'buy' rating for the stock.