Vivimed Labs falls 20% for second day

The company said the fall of its share price is unexpected and unwarranted.

Vivimed Labs is locked in lower circuit of for second straight day plunged 20% at Rs 139 on BSE, despite the company clarified the fall of its share price is unexpected and unwarranted.

The stock, trading at its lowest level since March 2010, has tanked 42% in past three trading sessions. A combined 9,704 shares changed hands so far and there are pending sell orders for 243,356 shares on BSE and NSE at 1350 hours.

The company said it would like to assure all shareholders that there is no change in its business fundamentals. Vivimed remains committed to delivering growth and profitability across each of its business segments.

The company would further like to clarify that the 'Promoters' of the company have informed us that none of the shares pledged by them in their individual capacity have been invoked by their lenders as of date, to warrant this unusual movement, it added.

Meanwhile, as on June 30, the promoter held 39.3% stake in the pharmaceutical company, of which 38.34% stake were pledge with the lenders, the BSE data shows.