Relaxo Footwears gets NCLT approval for merger, Stocks decrease heel

Relaxo Footwears Limited has obtained an approval of the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, to a merger Scheme between Marvel Polymers, Relaxo Rubber with itself and their respective shareholders and creditors.

Relaxo Footwears Limited share price ended at Rs 745, down Rs12.35, or 1.63%, from its previous close of Rs 757.35 on the NSE on Thursday. The scrip opened at Rs 758 and has touched a high and low of Rs 759.85 and Rs 741.50, respectively.

Meantime, domestic shares ended lower on Thursday, turning their worst closing levels in two weeks, pulled down by index heavyweights like Reliance Industries and Infosys. The broader NSE Nifty50 closed 181.75 points lower at 10,601.15, while the Sensex was slipped 572.28 points at 35,312.13.

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