New Delhi, May 22 -- Aditya Birla Fashion (ABFRL) share price was trading over 66 per cent below its last closing price in trade on Thursday, May 22, as today is the record date for the spin-off of Madura Fashion & Lifestyle business into a separate-listed entity.

While dramatic, the sharp fall in ABFRL shares is not a sell-off but a notional price adjustment reflecting the separation of the fashion and lifestyle business, which will now operate as a separate entity. The stock price currently is not factoring in the fashion business into ABFRL's fundamentals.

At 11:10 am, ABFRL share price opened at Rs.97 on Thursday after the demerger. However, it touched an intraday low of Rs.88.80 apiece. The stock had previously closed at Rs.269.15 ...