This SME stock plunges 9% after promoter offloads 8.5% stake in open market

Shares of BSE SME-listed pharmaceutical company EVOQ Remedies nosedived 9% on Friday, after its promoter offloaded a 8.5% stake through the open market.

Promoter Payal Bhumishth Patel sold 11,52,000 shares, representing an 8.5% stake on January 10, according to the stock exchange disclosures.

Before the sale, Patel held a 33.09% stake in the Ahmedabad-based company.


The sale of shares by the promoter happened on the same day the company had announced a mega export order.

On January 10, the company informed exchanges that it bagged an export order worth Rs 136 crore from US-based Marlexx Pharma Inc to deliver high-quality pharmaceutical products, including bulk drugs.

These include the anti-diabetic drug Metformin, pain reliever Tramadol, and gastroesophageal reflux disease treatment drug Omeprazole, among others.

The sharp fall in the stock on Friday was backed by heavy volumes. Nearly 3 million shares of the company changed hands on the BSE SME platform, which was way higher than the three-month daily average volume of 448,653 shares.

EVOQ Remedies was listed on the SME platform of BSE in March 2022. While several stocks on the SME platform have rallied in 2023, EVOQ was quite an underperformer, as the stock gave flat returns.

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