Shares of Sudarshan Pharma Industries ended the trading session in the red at Rs 39 with a decline of Rs 0.45 or 1.14 per cent from the previous close of Rs 29.45 on the BSE. The market cap of the company stood at Rs 973.67 crore. The stock started the trading session in the green amid positive openings in the benchmark indices but tumbled amid selling pressure. The counter opened at Rs 39.85, up Rs 0.40, or 1.01 per cent. During the day, it touched the intraday high of Rs 41.24 and an intraday low of Rs 39. Meanwhile, the Mumbai-headquartered pharmaceutical company clarified the current status of the deal and said that the transaction is awaiting formal confirmation and a board resolution from Med Therapy’s board of directors.
Acquisition proposal under due diligence
The company said the proposal to acquire 9.50 per cent equity shares in Med Therapy Biotechnology Inc. (Med Therapy) of the US is currently under due diligence. Therefore, the company has provided only this information for now and said it will issue an update soon.
Similarly, proposals by the Company’s promoters and directors, Chairman and Managing Director Hemal Mehta and Joint Managing Director Sachin Mehta, to acquire 1.50% equity shares each in Med Therapy are also undergoing due diligence and board approval. These proposals are also pending final confirmation.
Stock market today
Meanwhile, benchmark Sensex tanked 778 points while the broader stock index Nifty closed at a five-month low on Tuesday amid surging oil prices, geopolitical tensions and weak trends in global markets.
The 30-share BSE Sensex tumbled 777.94 points, or 1.04 per cent, to settle at a three-month low of 74,003.82, dragged by losses in blue-chip banking, auto and oil & gas shares. The index opened higher but lost steam in late-morning deals as selling gathered pace. The barometer later tanked 787.73 points, or 1.05 per cent, to a day’s low of 73,994.03.
The 50-share NSE Nifty dropped 279.50 points, or 1.19 per cent, to end at 23,118.60, the lowest closing level since April 6. Domestic equity markets were closed on Monday for Ganesh Chaturthi.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
