India's Ind Swift Laboratories hits circuit breaker on nod to sell API business

IND Swift Laboratories

06/09/2023 10:01

** Shares of Ind Swift Laboratories  ISLB.NS  rise as much
as 19.98% to 123.40 rupees, locked in upper circuit
    ** ISLB hits highest level since July 20, 2021, rising after
three consecutive sessions of losses
    **Stock marks sharpest intraday pct gain since June 11, 2021
    ** Co says it approved slump sale of Active Pharmaceuticals
Ingredients (API) business to Synthimed Labs at enterprise value
of 16.50 billion rupees ($198.5 million)
    ** More than 2.2 mln shares change hands by 14:04 a.m. IST,
4.2x the 30-day avg
    ** Stock up ~48% this year, as of last close  



($1 = 83.1318 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))