Divi's Labs slips on low liquidity

DALAL STREET SPIKES

The share price of the Hyderabad-based Divi's Laboratories lost 9.7 per cent to close at Rs 1,654 on Friday. The stock had touched a lifetime high of Rs 2,010.50 on March 1, 2004. The stock since then has plunged more than 24 per cent.

On Friday the stock lost 9.7 per cent from its previous close of Rs 1,775.45 with a volume of 65,154 shares on the Bombay Stock Exchange. According to an equity analyst, the volatility in the stock is owing to the low liquidity at the counter.

The stock earlier was in the limelight on rumours that the company is planning a bonus issue and a stock-spilt. For April-December 2003 period, its net profit grew by 56 per cent to Rs 61.06 crore on a 12 per cent growth in sales to Rs 204.53 crore.