India's Orchid Pharma slumps as shareholder sells stake at discount

Orchid Pharma

24/06/2021 06:58

** Shares of drug maker  ORCD.NS  drop 10% to 1,183.95
rupees, lowest since March 8
    ** Dhanuka Laboratories, which holds 98.04% stake in ORCD,
announced plans Wednesday to sell an 8.04% stake on June 24 and
25, to meet the market regulator's minimum public holding norms
https://bityl.co/7Uq1
    ** Floor price for sale set at 375 rupees per share, a 71.5%
discount to Wednesday's closing price
    ** Stock had seen meteoric gains of around 7,500% since it
relisted late last year after being acquired by Dhanuka under an
insolvency plan
    ** Stock up ~960% YTD up to last close, vs an ~8% rise in
the Nifty Pharma index  .NIPHARM 

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))