Godrej group stocks end on mixed note: Godrej Ind tanks over 7%; Godrej Agrovet climbs nearly 4%

New Delhi: Shares of Godrej group's listed companies ended on a mixed note on Thursday, with Godrej Industries plunging over 7 per cent while Godrej Agrovet climbing nearly 4 per cent after the founding family of the 127-year-old group reached an agreement to split the conglomerate.

The stock of Godrej Industries plunged 7.15 per cent to finish at Rs 892 per piece on the BSE despite a firm beginning. During the day, it plummeted 9 per cent to Rs 873.45.

Shares of Godrej Properties declined 4.37 per cent to settle at Rs 2,532.80 apiece after declining 6.36 per cent to Rs 2,480 during the day.

Astec LifeSciences stock also dipped by 2.92 per cent to Rs 1,250 each, despite rallying nearly 9 per cent to Rs 1,400 during the early trade.

However, shares of Godrej Agrovet climbed 3.58 per cent to settle at Rs 564.15 per piece after rallying 5.58 per cent to Rs 575.05 during the day.

Godrej Consumer Products advanced 1.11 per cent to finish at Rs 1,233. In intra-day trade, it climbed 2.82 per cent to Rs 1,253.95.

In the equity market, the 30-share BSE Sensex climbed 128.33 points or 0.17 per cent to settle at 74,611.11. The NSE Nifty advanced 43.35 points or 0.19 per cent to 22,648.20.

The founding family of Godrej Group, which spans from soaps and home appliances to real estate, has reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.

The group has been split between two branches of the founding family, with Adi Godrej (82) and his brother Nadir (73) on one side and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other, according to a statement issued by the group on Tuesday.

Godrej Enterprises Group, comprising Godrej & Boyce and its affiliates that have a presence across multiple industries spanning aerospace and aviation to defence, furniture and IT software, will be controlled by Jamshyd Godrej as chairperson and managing director. His sister Smita's daughter Nyrika Holkar, 42, will be the executive director.

Their families will control this arm that will also hold the land bank, including 3,400 acres of prime land in Mumbai.

Godrej Industries Group, which includes the listed companies Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec LifeSciences, will have Nadir Godrej as chairperson and will be controlled by Adi, Nadir and their immediate families.