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Panacea Biotech Falls After Adar Poonawalla Offloads Stake For Rs 118 Crore

Shares of Panacea Biotech were last trading 3.35 per cent lower at Rs 373 on the BSE.

Share Price of Panacea Biotech declined more than three per cent on Tuesday, May 18, a day after Seum Insititute’s Adar Poonawalla offloaded his entire stake in the firm for Rs 118 crore. On Tuesday, Panacea Biotech opened on the BSE at Rs 389, swinging to an intra day high of Rs 393.15 and an intra day low of Rs 372.50, in the trading session so far. According to news agency PTI, on Monday, May 17, Serum Institute of India (SII) CEO Adar Poonawalla offloaded his entire stake in Panacea Biotech amounting to 5.15 per cent shareholding of the firm for Rs 118 crore, through an open market transaction.

According to PTI, Adar Poonawalla sold 31.57 lakh scrips, he held in the firm at a price of Rs 373.85 per share, taking the total deal value to Rs 118.02 crore.

On the NSE, Panacea Biotech opened at Rs 390, witnessing an intra day high of Rs 392, and an intra day low of Rs 371, in the session so far. It was last trading 3.12 per cent lower at Rs 373.

Shares of Panacea Biotech were last trading 3.35 per cent lower at Rs 373 on the BSE.

syndicated from NDTV

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