Why Sify Technologies Stock Is Falling Sharply
Portfolio Pulse from Henry Khederian
Sify Technologies Limited (NASDAQ:SIFY) shares dropped by 24% to $0.63 after announcing the voluntary delisting date of its ADS rights from Nasdaq. The ADS rights, trading under SIFYR, will be delisted on June 18, with the rights expiring on June 21. The company will not seek listing on another exchange and plans to file a Form 25 for the delisting.
June 10, 2024 | 3:22 pm
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Sify Technologies shares fell sharply by 24% to $0.63 following the announcement of the voluntary delisting of its ADS rights from Nasdaq. The delisting is set for June 18, with the rights expiring on June 21. The company will not seek listing on another exchange and plans to file a Form 25 for the delisting.
The sharp decline in Sify Technologies' stock price is directly linked to the announcement of the voluntary delisting of its ADS rights from Nasdaq. This move creates uncertainty and reduces liquidity for investors, leading to a negative short-term impact on the stock price.
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