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The stock of Godrej Industries tanked 8.60 per cent to Rs 877.95 on the BSE even after a firm beginning.
Shares of Godrej Properties plunged 6.25 per cent to Rs 2,482.90.
Astec Lifesciences stock also dipped by 2.15 per cent to Rs 1,259.85, despite rallying nearly 9 per cent during the early trade.
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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.