Shares of Gland Pharma dropped 6% to Rs 1,745 on BSE as entities related to ex-promoter Dr Ravi Penmetsa sold 5.5% equity. Large block deals of 91 lakh shares worth Rs 1,600 crore reported.
Nicomac Machinery and RP Advisory Services are looking at raising Rs 1,400 crore through the sale, and have set the floor price for the same at Rs 1,725/share. The floor price is at a discount of over 7% to the current market price of the stock. On Monday, shares of Gland Pharma ended nearly 6% higher on the NSE at Rs 1,856.
The pharma industry is one of the few defensive industries and investor interest in it is also rising, as concerns about COVID-19 gain momentum, said Aamar Deo Singh, Senior Vice President, Research, Angel One.
Stocks that were in focus included names like Venky s, which gained 0.32%, Gland Pharma, which jumped 4.96%, and Lux Industries, whose shares declined 2.14% on Tuesday.