 "Volume shocker: Morepen Labs falls 18% as nearly 8 mn shares change hands")
Morepen Labs shares crashed in the stock markets on Monday amid heavy volumes. Morepen Labs shares declined 17.8 per cent to Rs 50.32 per share on the BSE in the intraday trade as against a 0.86 per cent fall in the Sensex today at 1:20 PM.
Volumes on the Morepen Labs counter jumped suddenly around 1:05 PM with around 1.67 million shares changing hands in multiple tranches on the BSE. Thus far in the session, the stock has seen volumes of around 2 million on the BSE, which is higher than the stock’s two-week average volume of 0.35 million shares.
Combined with the volumes on the NSE, a total of 7.86 million shares have changed hands on the counter in the stock markets today.
The reason for the sudden selling in Morepen Labs shares could not be ascertained immediately.
Meanwhile, Morepen Labs reported a mixed financial performance in the December quarter of the current financial year (Q3FY25).
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The company’s Q3 revenue increased just 2 per cent from Rs 449 crore in Q3FY24 to Rs 458 crore in Q3FY25. Sequentially, too, revenue increased slightly from Rs 442.7 crore.
Ebitda, meanwhile, slipped 24 per cent year-on-year/15.4 per cent quarter-on-quarter to Rs 41.48 crore, while Ebitda margin shrank to 9.05 per cent (from 12.18 per cent Y-o-Y).
The Q3 profit stood at Rs 26.69 crore.
Since the announcement of the result on February 6, after market hours, Morepen Labs stock has fallen 19 per cent in two days.
Morepen Laboratories Limited is an India-based pharmaceutical company. The company markets formulation products in various therapeutic categories such as antibiotics, gastrointestinal, respiratory analgesic, antiallergic, and neuropsychiatry with brands such as Saltum Saltumax Cefpopen Cefpen-S Dom-DT Acifix Rabipen- DSR and Montelas.
Morepen Labs shares hit a 52-week high of Rs 100 per share on the BSE on September 10, 2024. It hit a record high of Rs 234 on March 30, 2000.
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