New Delhi, June 29 -- Astral share price slipped nearly 10% on Monday after the company approved the demerger of its chemicals business. Astral shares declined as much as 9.91% to Rs.1,339.00 apiece on the BSE.

Astral Ltd is primarily engaged in two principal business verticals - Plumbing Business, comprising pipes, fittings, water tanks, faucets and sanitaryware, and Chemicals Business, comprising adhesives, sealants, construction chemicals, and other chemical and chemical based products.

Astral announced that its Board of Directors approved to demerge its chemicals business into a separately listed company. The board also cleared a proposal for merging its 100% subsidiary Al-Aziz Plastics into Astral Ltd.

According to the composite s...