Meanwhile, the BSE Sensex was down 114.18 points, or 0.41%, to 27,987.54.

On BSE, so far 3.19 lakh shares were traded in the counter, compared with an average volume of 2.57 lakh shares in the past one quarter.

The stock hit a high of Rs 25.40 and a low of Rs 23.85 so far during the day. The stock hit a 52-week high of Rs 48.70 on 11 August 2014. The stock hit a 52-week low of Rs 17.40 on 3 July 2015.

The stock had underperformed the market over the past one month till 10 August 2015, sliding 6.23% compared with 1.59% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.76% as against Sensex's 3.68% rise.

The small-cap company has an equity capital of Rs 124.76 crore. Face value per share is Rs 10.

According to reports, Kishore Chhabria-led Allied Blenders & Distillers (ABD) called off talks to acquire Tilaknagar Industries (TIL) because of differences over valuation.

TIL is the maker of Mansion House brandy and Savoy Club gin. With sales of nearly 5 million cases, Mansion House is the No 2 domestic brandy and the mainstay of the company. TIL is in the midst of a Rs 550-crore debt restructuring, reports added.

ABD was to reportedly acquire a majority stake in TIL for an enterprise value of about Rs 1500 crore and end the production and distribution fight over TIL's two brands -- Mansion House brandy and Savoy Club gin.

As per reports, Dutch distiller Herman Jansen entered into a licensing agreement with TIL in 1983 to produce and distribute Mansion House brandy in India. Four years later, it ceded control of the brand to TIL. But in 2008, Herman Jansen reclaimed its rights over the brand, saying the agreement with TIL had expired in 2007. A court battle ensued and although the Bombay High Court ruled in TIL's favour in 2011, Herman Jensen appealed the verdict and the appeals process is still underway.

Meanwhile last year, ABD reportedly bought a 50% stake in the Mansion House brandy and Savoy Club gin brands from Herman Jansen.

Last month, there were reports that ABD was close to buying a 51% stake in TIL from its owner Dahanukar family. The move would have triggered an open offer for another 25% stake.

As on 30 June 2015, promoters held 54.96% in TIL.

On a consolidated basis, Tilaknagar Industries reported net loss of Rs 70.61 crore in Q4 March 2015 as against net profit of Rs 7.52 crore in Q4 March 2014. Net sales declined 43.01% to Rs 124.24 crore in Q4 March 2015 over Q4 March 2014.

Tilaknagar Industries is engaged in the business of manufacture and distribution of spirit and Indian Made Foreign Liquor (IMFL).