Why AGI Greenpac shares fell 19% on Wednesday?

Hindusthan National Glass was undergoing Corporate Insolvency post the Kolkata NCLT order since October 2021.

AGI Greenpac’s resolution plan worth ₹2,213 crore was approved by 98% of the Committee of Creditors of Hindusthan National Glass in October 2022.

“If for any reason acquisition doesn’t go through, there is a natural evolutionary process in the Company to grow organically. But that’s plan B. But that plan has not yet approved by the Board. It’s very difficult for us, any of us to make a firm commitment what is plan B or plan C. Any organization do have a number of plans in place,” Group CFO Sandeep Sikka had said during the company’s earnings call recently.

“We may not be able to open up these numbers because these numbers are yet for the internal discussion not approved by our Board of Directors. So those numbers once approved with the Board, we have to follow the regulation of SEBI, and then only we’ll be able to declare it,” President and CEO Rajesh Khosla had said during the earnings call.

Shares of AGI Greenpac are trading 18.5% lower post the Supreme Court verdict at ₹766.