Did India Glycols shares crash 80%? Here’s why the plunge is not real

Following the India Glycols’ demerger on Tuesday, the company's stock opened at ₹229.85 today, compared with the previous close of ₹1,112.90. It may seem that the stock has declined by at least 80%, but that is not the case.

The stock opened at ₹229.85 and touched a low of ₹229 and a high of ₹241.30 during the session, while its volume-weighted average price (VWAP) stood at ₹239.07.

It is important to note that this is the sharp difference reflecting the adjustment following the corporate action rather than a corresponding fall in the company’s market value. 

In that case, ₹1,112.90 is the pre-demerger/split reference price, while ₹229.85 is the adjusted trading price after the corporate action. So the ₹79% apparent fall is not a genuine 79% collapse in India Glycols' market value.

Demerger of  India Glycols into three entities 

On Tuesday, the original entity, India Glycols Limited, was demerged into three separate entities: India Glycols Limited, IGL Spirits Limited and Ennature Bio Pharma Limited.

India Glycols Limited will house the chemicals, glycols, bio-glycols, new specialty products and industrial gases businesses. The company reported net revenue of ₹345 crore in the June 2026 quarter. India Glycols Limited is already listed on both the BSE and NSE.

IGL Spirits Limited will house the spirits business, including IMFL, country liquor and bio-fuel businesses. The company reported net revenue of ₹694 crore in the June 2026 quarter. The management of IGL Spirits Limited will apply to the BSE and NSE for listing its shares on the respective bourses.

Ennature Bio Pharma Limited will house the bio-pharma and bio-polymers businesses. The company reported net revenue of ₹90 crore in the June 2026 quarter. The management of Ennature Bio Pharma Limited will apply to the BSE and NSE for listing its shares on the respective bourses.

What will be the shareholding pattern?

Each shareholder of India Glycols on the record date of September 2, 2026, will be entitled to receive one equity share of IGL Spirits Limited for every one equity share held in India Glycols Limited, and one equity share of Ennature Bio Pharma Limited for every three equity shares held in India Glycols Limited.

As a result, a shareholder holding 300 India Glycols shares on September 2, 2026, will be entitled to receive 300 equity shares of IGL Spirits Limited and 100 equity shares of Ennature Bio Pharma Limited, resulting in a total of 700 shares across the three entities, including the 300 equity shares held in India Glycols Limited.