Heard on the Street: FDC stock jumps 13% on promoter stake sale talk

Shares of Mumbai-based pharmaceutical company FDC have jumped 13% to Rs 84.90 in a fortnight amid buzz the company’s promoters are planning sell their stakes to an overseas drugmaker. Promoters hold 66.9% stake in the company, which owns popular brands such as the electrolyte substitute ‘Electral’. FDC did not respond to an email query.

Asource close to the management denied that promoters were planning to exit. On Saturday, the company announced a buy-back offer at Rs 110 per share. The stock rose 3.2% to close at Rs 84.90 after hitting a monthly high of Rs 92.50 earlier in the day. The stock had hit a 52-week low of Rs 75 on May 18.