Why Sify Technologies Stock Is Falling Sharply

Sify Technologies Limited SIFY shares are trading lower by 24% to $0.63 during Monday’s session after the company announced the voluntary delisting date of its ADS rights from Nasdaq.

This follows a rights offering, where holders of ADSs received transferable rights to subscribe for new equity shares in the form of ADSs, trading under the symbol SIFYR from June 7, to June 18. The ADS Rights will be delisted after 4:00 p.m. on June 18 to give holders time to exercise or sell their rights before they expire on June 21.

The company will not seek listing on another exchange and plans to file a Form 25 for the delisting.

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According to data from Benzinga Pro, SIFY has a 52-week high of $3.37 and a 52-week low of $0.57.