Laurus Labs falls 5% as promoters sell 1.3% stake in company

Laurus Labs said the significant part of the above amount shall be utilized to release the pledge on their equity shares of the company

Shares of Laurus Labs were trading 5 per cent lower at Rs 349 on the BSE in intra-day trade on Friday, down 9 per cent from Thursday’s high, after the promoters of the firm sold 1.3 per cent stake in the company for Rs 258 crore via the open market to release pledged shares.

“Dr Satyanarayana Chava, founder promoter, CEO & ED, sold 5.2 million equity shares of the company in the stock market at an average price of Rs 368.59, per share, aggregating to Rs 191.67 crore,” Laurus Labs said in a press release.

The company further