Panacea Biotec drops after Serum Institute of India trims stake

Panacea Biotec tumbled 7.64% to Rs 215.90 after Serum Institute of India sold 0.5% stake in the company via bulk deal on Thursday.

On Thursday, 3 December 2020, Serum Institute of India sold 3.09 lakh equity shares (or 0.50% equity) of Panacea Biotec at Rs 243.32 per share via bulk deal on the NSE.

As of 30 September 2020, Serum Institute of India held 8.03% stake in the company.

On a consolidated basis, Panacea Biotec reported a net loss of Rs 19.33 crore in Q2 September 2020 as compared to a net loss of Rs 75 crore in Q2 September 2019. Net sales surged 45.4% to Rs 182.02 crore in Q2 September 2020 over Q2 September 2019.

 

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialisation of prescription medicines.

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