Neuland Laboratories shares fall 4% after equity worth ₹780 crore changes hands – CNBC TV18
As many as 4.9 lakh shares of Neuland Laboratories changed hands in the transaction. The number of shares that changed hands amount to 3.8% of the total outstanding equity of the company.
Shares changed hands at an average price of ₹15,900 per share, which takes the total transaction value to ₹780.3 crore.
Buyers and sellers in the transaction are not officially known currently.
The stock has now declined 10% during the last five trading sessions. The stock had also declined last week after the US Biosecure Act was kept out of a key defence bill, in what marked a victory for Chinese biotech companies.
Promoters of Neuland Laboratories currently hold 32.6% stake in the company at the end of the September quarter.
Shares of Neuland Laboratories are off the lows of the day but are still trading 4% lower at ₹16,310. The stock has more than tripled in value so far in 2024, with gains of over 207%. The stock had gained 220% in 2023 as well.
