Benchmark indices are trading flat amid the volatility faced in the stock market today. The Sensex is up 172 points (0.29 percent) at Rs 60,228.16, and the Nifty 50 is up 57 points (0.32 percent) at Rs 17,800.20. Listed below are 2 stocks that witnessed a downfall of up to 12 percent today and touched their 52-week low figures.
IPCA Laboratories Limited
lPCA Laboratories Limited, Established in 1949, is one of the world’s largest manufacturers and suppliers in the pharmaceutical segment. It derives nearly 50 percent of its revenues from exports. The company is vertically integrated and produces finished dosage forms and active pharmaceutical ingredients (APIs). It has been a crucial healthcare partner in over 120 countries across the globe.
Today, the shares of the pharma stock dragged around 10 percent and currently trade at Rs 743. Moreover, the stock hit its 52-week low figures at Rs 740 price levels.
One of the probable reasons for the stock to fall sharply is the recent announcement it made, through a regulatory filing, that the company has entered into a definitive Share Purchase Agreement for the acquisition of around 2.35 crores of fully paid-up equity shares in M/s. Unichem Laboratories Limited constituting a 33.38% stake in the company.
The stake has been bought from one of its promoter shareholders at a price of Rs. 440 per equity share (a premium of 12.5 percent over Unichem’s current price level of Rs 391) aggregating to Rs 1034.06 Crores.
The company is also making an open offer to the public equity shareholders of Unichem to acquire up to 26% of the fully diluted outstanding equity share capital at the same price per share.
Crompton Greaves Consumer Electricals Limited
Crompton Greaves Consumer Electricals Limited is engaged in the business of manufacturing and marketing consumer products in the country. It broadly covers 2 operating segments which are ‘Electric Consumer Durables’ and ‘Lighting Products’.
Predominantly operating in the domestic markets, the company offers fans that comprise of normal and wall-mounted ones & also covers personal fans with professional LED and conventional lighting, solar, etc.
The stock price of the company fell about 12 percent and currently trade at Rs 260. Moreover, the stock hit its 52-week low figures today at Rs 252.35 price levels.
One of the reasons for such a sharp fall in prices is the recent regulatory filing filed with the exchange which mentioned some realignment with respect to the company’s leadership.
It announced Mr. Shantanu Khosla as the Executive Vice Chairman for a period of one year starting from May 1st, 2023 till April 30th, 2024. Further, the filing mentioned regarding Mr. Mathew Job who resigned from his position as the Company’s CEO and Executive Director, to pursue other career interests. The Board also passed a resolution to appoint Mr. Promeet Ghosh as the Company’s new Managing Director & CEO which would be effective from May 1st, 2023.
Written by Amit Madnani
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