Shares of Lupin Fell as Jhunjhunwala Sells Shares Worth over Rs 300 Crore
On Wednesday, the shares of Mumbai-based drug maker Lupin declined after the company revealed that billionaire Investor Rakesh Jhunjhunwala has sold his shares in the company worth more than Rs 300 crore in the first quarter.
The stock of lupin was traded at Rs 461.20 in the intra-day on the BSE, which was 3.7% less than its previous close.
After selling the stake in Lupin, Rakesh Jhunjhunwala’s holding in the company declined 1.73% or 77 lakh from March 31. The decline was reported from the company’s shareholding pattern available on the Bombay Stock Exchange website.
On June 30, Jhunjhunwala owned 7.73 million shares in Lupin down from 8.8 million on March 30.
Deven Choksey, Managing Director at KR Choksey Shares and Securities, said, “The buzz of Lupin selling its domestic business has created a negative sentiment among investors, which caused the fall”.
According to reports, Lupin is planning to sell off its Indian business. The Indian medicines unit contributed for 32% of the total revenues worth Rs 5,710 for the financial year ended on March 31.
Chirag Dagli and Gagan Borana, Analysts at ICICI Securities, said that in the past three months, Lupin has performed better than Nifty and the CNX Pharma.