Shares of UltraTech Cement fell over 3 per cent, hitting 52-week low, on the Bombay Stock Exchange after the company said that it will be acquiring the cement business of Century Textiles in a share swap deal.

Following the announcement, stocks of the company declined as much as 3.39 per cent and touched 52-week low of Rs 3720.90 apiece on the Bombay Stock Exchange.

In a similar trend, shares of the firm were trading 2.39 per cent lower at Rs 3,760.05 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 34,620.00, up 3.87 points, or 0.01 per cent at 11:20 hours.