Elder Pharma down on profit-booking post stake sale rumours
The stock had rallied over 13 per cent on Thursday on rumours that Sanofi SA’s Indian arm was close to buy out Elder Pharma’s domestic formulation business.
By ET Online | Updated:
MUMBAI: Shares of Elder Pharmaceuticals were down on profit-booking, a day after massive rally on rumours that the company was in final stages of discussion to sell its domestic business.
The stock had rallied over 13 per cent on Thursday on rumours that Sanofi SA’s Indian arm was close to buy out Elder Pharma’s domestic formulation business.
Elder Pharma got board approval in July for a restructuring of the company’s business through raising capital, hiving off of assets or other strategic options to reduce debt.
The street is abuzz that the Elder Pharmaceuticals may sell its domestic business for around Rs 2,400 crore. The company has a debt of Rs 1,300 crore on its books.
At 10:45 a.m.; the stock was at Rs 359.05, down 1.79 per cent, on the BSE. It touched a high of Rs 377.40 and a low of Rs 351.45 in trade today.
The stock had rallied over 13 per cent on Thursday on rumours that Sanofi SA’s Indian arm was close to buy out Elder Pharma’s domestic formulation business.
Elder Pharma got board approval in July for a restructuring of the company’s business through raising capital, hiving off of assets or other strategic options to reduce debt.
The street is abuzz that the Elder Pharmaceuticals may sell its domestic business for around Rs 2,400 crore. The company has a debt of Rs 1,300 crore on its books.
At 10:45 a.m.; the stock was at Rs 359.05, down 1.79 per cent, on the BSE. It touched a high of Rs 377.40 and a low of Rs 351.45 in trade today.
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