India's Neuland Labs drops on report of block deal at discount

Neuland Laboratories

12/12/2024 09:48

** Shares of pharmaceutical firm Neuland Laboratories
 NEUL.NS  slip 5% to 16,070 rupees
    ** An undisclosed vendor has launched 7.5 billion rupees
block share sale at floor price of 15,428 rupees, a 9% discount
to prev. close, IFR reports
    ** Media reports say Smallcap World Fund is the likely
seller 
    ** Smallcap World Fund holds 3.8% stake in NEUL, per
exchange data
    ** More than 800,000 shares of NEUL changed hands in
most-active session since May 2023 
    ** Stock has tripled in 2024

 (Reporting by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))