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- Tabcorp's share price dropped over 80% on the ASX today.
- The entertainment business has completed the demerger of its lottery business.
Shares price of Tabcorp Holdings Ltd (ASX:TAH) plunged within an hour of trade on ASX today (24 May). TAH shares were down over 80.992% to trade at AU$1.015 apiece by 11:14 AM AEST. The gaming and entertainment business grabbed attention on the exchange because of the demerger of its lottery and Keno businesses.
Tabcorp completes demerger of Lottery Corporation
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Share price performance of Tabcorp and Lottery corporation
While Tabcorp holds a market capitalisation of AU$11.88 billion on the ASX, its share price has come down sharply. TAH's share price is quite close to its 52-week low of AU$0.930 a share. Tabcorp's share price has remained quite stable in the last thirty days of trade on ASX. However, a major dip today has made shareholders lose AU$4.36 a share. As per the ASX website, this morning, the trading volume of TAH shares was over 63 million, in a bid-ask range of AU$1.010 to 1.015 a share.
Its PE ratio today post demerger is 46.57. On the other hand, The Lottery Corporation Limited's share price is in the green, at AU$4.590 a share on its first day of trade on ASX. TLC shares are quoted in the daily price range of AU$4.49 to 4.69 apiece.
While Tabcorp's securities on ASX are fully paid ordinary shares, The Lottery Corporation, is listed with ordinary fully paid deferred settlement instruments.
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