Neptune Wellness plunges after shareholder Sumar ups stake, flags poor performance

Neptune Wellness Solutions

28/12/2022 18:24

(Updates)
    ** U.S.-listed shares of Canadian wellness product
manufacturer Neptune Wellness Solutions Inc  NEPT.O  down ~23%
at 28 cents in afternoon trade
    ** Shareholder Shohaib Kassam Sumar, who now holds a 5.1%
stake in NEPT, expressed disappointment in co's performance in a
letter dated Dec. 23 addressed to the board
    ** Co says Sumar's latest purchase of 100,000 shares on Dec
21 outlines his "intention of procuring greater influence with
respect to the management and affairs" of NEPT 
    ** According to IBES data from Refinitiv, Sumar is the
fourth-largest shareholder in Neptune, as of Dec. 21
    ** Sumar owns and operates various companies in the aviation
industry such as Oklahoma Aviation and Soulbird 
    ** YTD, stock down 98.1% 
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))