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.
Even as Motilal Oswal Securities has upped its target price for Gland Pharma to Rs 1,560, it was short of Rs 1,612.60, the level drug maker settled at on Tuesday.
Global brokerage firm Jefferies upgraded Gland Pharma s stock to buy from underperform with an increased price target of Rs 1,640 from Rs 1,065 earlier. Bernstein also gave an outperform rating on Gland Pharma, saying that the Q1 numbers point towards early signs of revival in base business.