Gland Pharma Promoter Offloads Stake Worth Rs 1,754 Crore

Fosun Pharma Industrial the promoter of Gland Pharma Ltd. sold stake worth Rs 1,754 crore on Wednesday through open market transactions.

The promoter sold 99 lakh shares at Rs 1,771.81 apiece, according to bulk data on the BSE. Fosun Pharma Industrial, a wholly owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co. held a 57.86% share as of March 2024.

On the other hand, Ubs Principal Capital Asia Ltd bought 8.25 lakh shares at Rs 1,771.05 per share.

Shares of Gland Pharma Ltd. fell for the sixth consecutive session on Wednesday after the trade and the stock has lost over 4% in its six-day fall.

Shares of the company fell as much as 3.46%, the lowest level since June 5, before paring loss to trade 1.39% lower at Rs 1,814 apiece as of 11:25 a.m. This compares to a 0.22% decline in the NSE Nifty 50.

The stock has fallen 5.75% year-to-date, but risen 70.72% in the last 12 months. Total traded volume so far in the day stood at 4.19 times its 30-day average. The relative strength index was at 47.43.

Of the 19 analysts tracking the company, 11 maintain a 'buy' rating, two recommend a 'hold' and six suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 2.6%.