Syngene International dips over 5% after huge block deal

The stock dipped 5.5% to Rs 572 on the BSE after a more than 1% stake of the pharmaceutical company changed hands via block deal.

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Syngene International has dipped 5.5% to Rs 572 on the BSE after a more than 1% stake of the pharmaceutical company changed hands via block deal.

At 09:15 am; around 3.07 million shares representing 1.53% of total equity of Syngene International have changed hands on the counter, the BSE data shows.

The name of the buyers and sellers were not ascertained immediately.

As of September 30, 2016, Silver Leaf Oak (Mauritius) held 9.63% stake, while Canara HSBC Oriental Bank of Commerce Life Insurance Company held 1% stake in Syngene International, the shareholding pattern data shows.

On Thursday, December 1, 2016, the stock hit a record high of Rs 616 on the BSE in intra-day trade. In past four months, it had outperformed the market by surging 45% as compared to 5% decline in the S&P BSE Sensex till yesterday.

At 09:59 am; the stock was down 4.7% at Rs 577, as compared to 0.56% decline in the benchmark index. A combined 3.61 million shares changed hands on the counter on the BSE and NSE.