SeQuent Scientific rallies 15% on terminating pact to acquire Tineta Pharma

In November 2022, SeQuent had announced the acquisition of Tineta Pharma for Rs 218 crore but the said transaction has not materialised

Shares of SeQuent Scientific were up 15 per cent at Rs 71.51 on the BSE in Thursday’s intra-day trade on heavy volumes after the company terminated a share purchase agreement to acquire 100 per cent shareholding in Tineta Pharma.

However, in the past three months, the stock has underperformed the market by falling 25 per cent as against a 3 per cent decline in the Sensex. It had hit a multi-year low of Rs 61.80 on Wednesday, March 8, 2023.

In November 2022, SeQuent had announced acquisition of Tineta Pharma for Rs 218 crore but the said transaction