Aditya Birla Fashion shares jump 17%

New Delhi: Shares of Aditya Birla Fashion and Retail Ltd (ABFRL) on Tuesday jumped 17 per cent after the company announced demerger of its fast fashion and retail business Madura Fashion & Lifestyle into a separate listed entity aiming to unlock opportunities for value creation.

The stock climbed 16.86 per cent to Rs247.40 on the BSE. At the NSE, it jumped 16.93 per cent to Rs247.50. The ABFRL board at its meeting held on Monday authorised the management of the company to evaluate the vertical demerger of Madura Fashion & Lifestyle business, according to a company statement.