Panacea Biotech stock hits over 12-year high; zooms 83% thus far in April

Serum Institute of India Private Limited, the world's largest vaccine manufacturer by number of doses produced and sold globally, held 4.98 per cent stake in Panacea Biotech

Shares of Panacea Biotech were locked in the 10 per cent upper circuit for the second straight day, at Rs 323.70, hitting an over 12-year high on the BSE on Thursday. The stock of the biotechnology company was trading at its highest level since August 2008. It had hit a record high of Rs 487 on April 21, 2006.

Thus far in the month of April, the market price of Panacea Biotech has zoomed 83 per cent after the company and the Russian Direct Investment Fund (RDIF) agreed to produce 100 million doses of Sputnik V vaccine in India