Comments
Shares of drug firm Strides Arcolab skyrocketed by 20 per cent to hit a lifetime high on the bourses on Tuesday after the company sold its entire stake in its Australian subsidiary to Watson Pharmaceuticals for 375 million Australian dollars (over Rs 1,960 crore).
Buoyed by the announcement, shares of the company zoomed up by 20 per cent to a record Rs 488.80 on the BSE during intra-day trade. The stock finally settled at Rs 478.30 for the day, up 17.42 per cent from its previous close.
In a similar fashion, buyers flocked Strides’ counter on the NSE and the stock closed 18.09 per cent higher at Rs 481.
A total of 11.58 lakh shares of the company changed hands on the BSE, while on the NSE, more than 25.97 lakh equities of Strides were traded during the day.
Strides Arcolab today said it has sold its entire stake in Australian subsidiary Ascent Pharmahealth to Watson Pharmaceuticals for AUD 375 million.
“The company has sold its 94 per cent shareholding in Ascent Pharmahealth Ltd, its subsidiary with operations in Australia and South—East Asia, to Watson Pharmaceuticals Inc,” Strides said in a statement.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.