Shares in Elder Pharmaceuticals tanked 8% to Rs 276, extending its Friday’s 9% fall, after the company sold its domestic formulations business in India and Nepal, to Torrent Pharmaceuticals for Rs 2,004 crore.
The stock opened at Rs 295 and touched a low of Rs 270 on the NSE. A combined 764,558 shares have changed hands on the counter so far on the NSE and BSE.
Following the sale of its core business, Elder Pharmaceutical’s will be left with just 40% of the business that comprises of low margin anti-infective segment and the contract manufacturing business.
The company’s branded domestic formulations business in India and Nepal business accounts nearly 60% of the company’s total turnover.
The stock opened at Rs 295 and touched a low of Rs 270 on the NSE. A combined 764,558 shares have changed hands on the counter so far on the NSE and BSE.
Following the sale of its core business, Elder Pharmaceutical’s will be left with just 40% of the business that comprises of low margin anti-infective segment and the contract manufacturing business.
The company’s branded domestic formulations business in India and Nepal business accounts nearly 60% of the company’s total turnover.