Claris Lifesicences has tanked 10% to Rs 238, extending its Friday’s 4% fall, after the company said that its board has approved the sale of its infusion business, on a slump basis, for Rs 1,050 crore. Historically, these businesses have accounted for around 55% of Claris' business.
“The company will form a joint venture with Japan's Otsuka Pharmaceutical Factory and Mitsui & Co Ltd for its medical infusion drugs business in India and emerging countries,” Claris said in a statement.
The stock opened at Rs 265 and hit a low of Rs 235 on the BSE. As many as around 500,000 shares have already changed hands on the counter till early noon deals against an average 489,000 shares that were traded daily in past two weeks.
