India's Torrent Pharma slides on Cipla stake buyout report

Hong Kong Economic Times Holdings

01/09/2023 08:57

** Shares of Torrent Pharmaceuticals Ltd  TORP.NS  fall as
much as 3.8% to 1,772.05 rupees, lowest since June 6
    ** Generic drug maker is planning to buy out promoter stake
in peer Cipla Ltd  CIPL.NS , Economic Times reports, citing
sources
    ** There is currently no information which requires
disclosure, TORP says in a statement
    ** Stock on track for third consecutive session of losses
    ** Trading volume at ~2 mln shares, 5.5x the 30-day avg as
of 1:05 p.m. IST
    ** Average rating of 29 analysts covering stock at
equivalent of 'buy'; median PT is 2,105 rupees - Refinitiv data
    ** Stock up ~15% so far this year  


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))