Shares of Strides Arcolab fell over 5 per cent today after the government has rejected the company’s proposal to issue shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals.
The scrip declined by 5.4 per cent to Rs 1,090.80 on the BSE. On the NSE, the scrip lost 5 per cent to Rs 1,095.25.
The government had yesterday rejected the proposal from Strides Arcolab for issuing shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals Ltd under a scheme of merger.
On the other hand, proposals for f oreign direct investment amounting to around Rs 4,000 crore by four pharma and medical devices firms, including Torrent Pharmaceuticals and Biocon’s research services arm Syngene, were yesterday approved by the government.
Meanwhile, in the broader market, the BSE 30-share Sensex was trading at 27,083.51, up 250 points.