Neuland Laboratories tumbles ~7% as 3.8% shares change hands

12 Dec 2024 , 02:19 PM

Neuland Laboratories shares fell 7.2% on Thursday to an intraday low of ₹15,725 on the BSE following a block trade involving almost 4.8 lakh shares, representing a 3.8% holding in the firm.

At around 2.00 PM, Neuland Laboratories was trading 4.81% lower at ₹16,138.85 per piece, against the previous close of ₹16,954.65 on NSE.

The floor price for the said transaction is fixed at ₹15,428, representing an almost 9% decline from the closing price of previous day.

The official parties to the transaction are not yet known.

Smallcap World Fund, which previously owned 3.77% of Neuland Laboratories, appears to have sold its holdings.

The transaction takes place against the backdrop of a more than 9% reduction in the stock’s value during the previous week.

However, during the last year, six months, and year to date, the stock has given strong returns of about 221.6%, 154.6%, and 207.3%, respectively.

Neuland Laboratories manufactures and sells bulk drugs, serving both domestic and foreign markets.

In Q2, the company’s topline fell 25.59% year-on-year, while profit dropped 63.2% compared to the same quarter last year.

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