Mumbai, May 2: Music company Gramophone Company of India Ltd has postponed a plan to list the shares of its UK-based subsidiary Saregama Plc in the United States, the company's vice-chairman Sanjiv Goenka said on Tuesday.He said Gramophone had delayed plans to list Saregama's shares on the US Nasdaq to September-October from July-August due to the recent fall in the tech-laden Nasdaq composite index.
The Nasdaq index has lost 23 per cent from its record high of 5,132.53 hit on March 10. The index is down about 3 per cent from its December 31 close of 4,069.32.
Saregama Plc was formed by Gramophone to sell ethnic Indian music to Indians in western countries. Goenka said Gramophone would list its shares in the US by the end of the year, but had not yet decided on the exchange.
Shares of Gramophone were down 12 per cent or Rs 114.50 to Rs 840.45 in afternoon trading on the Bombay Stock Exchange.
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