India's Par Drugs and Chemicals slumps on establishment sale

Par Drugs and Chemicals

03/12/2024 08:01

** Par Drugs and Chemicals  PARR.NS  falls to
exchange-allowed lower band of 20% to 278.80 rupees
    ** Pharma co approves sale of existing establishment,
including land, building, plant and machinery for 928.8 mln
rupees ($11 mln)
        ** Establishment contributed 99.4% to co's net rev
    ** Co will enter clean and renewable energy, real-estate and
construction, and capital market businesses
    ** Says will use ~270 mln rupees of the sale proceeds in
real-estate and construction business, ~250 mln rupees for clean
energy and ~410 mln rupees for capital market business
    ** PARR sees worst intraday pct drop since listing in 2021
    ** Around 1.1 mln shares traded, 4.7x the 30-day avg
    ** Day's losses trim YTD gains to ~30%

($1 = 84.6460 Indian rupees)

 (Reporting by Vijay Malkar)
 ((VijayDattaram.Malkar@thomsonreuters.com;))