Cohance Lifesciences Share Price Falls Over 8% After Large Block Deal

Shares of Cohance Lifesciences Ltd., fell over 8% on Thursday after the company after a large block deal hit the exchanges at market open. Around 3.39 crore shares, translating to 8.9% equity worth Rs 3,073 crore, changed hands in early trade.

On Sept. 17, NDTV Profit reported that Cohance Lifesciences Ltd.'s promoter is likely to offload stake worth Rs 1,756.2 crore on Thursday. The promoter entity, Jusmiral Holdings Ltd., will sell 1.9 crore shares, representing 5.1% stake in the company, NDTV Profit reported.

The floor price for the stake sale has been set at Rs 900 per share. This is at a discount of 6.9% from the last closing market price of Rs 965.50 apiece.

Shares of Cohance Lifesciences fell as much as 8.06% to Rs 888.50 apiece. They pared losses to trade 5.13% lower at Rs 916.80 apiece, as of 12:12 p.m. This compares to a 0.34% advance in the NSE Nifty 50.

The stock has fallen 19.97% in the last 12 months and 19.55% year-to-date. Total traded volume so far in the day stood at 0.52 times its 30-day average. The relative strength index was at 54.72.

Eight analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 32%.