Panacea Biotech Falls After Serum Institute’s Adar Poonawalla Offloads Stake For Rs 118 Crore

Share Price of Panacea Biotech declined more than three per cent on Tuesday, May 18, a day after Seum Insititute’s Adar Poonawalla offloaded his entire stake in the firm for Rs 118 crore. According to data on stock exchanges, Adar Poonawalla sold 31.57 lakh scrips, he held in the firm at a price of Rs 373.85 per share, taking the total deal value to Rs 118.02 crore. The shares were picked by the Serum Institute of India, through a separate transaction.

On Tuesday, Panacea Biotech opened on the BSE at Rs 389, swinging to an intra day high of Rs 393.15 and an intra day low of Rs 372.50, in the trading session so far. According to block deal data on BSE, on Monday, May 17, Serum Institute of India (SII) CEO Adar Poonawalla offloaded his entire stake in Panacea Biotech amounting to 5.15 per cent shareholding of the firm for Rs 118 crore, through an open market transaction.

According to the shareholding data for March 2021 quarter, both Adar Poonawalla and Serum Institute of India were the public shareholders in the firm and held 5.15 per cent and 4.98 per cent stake in Panacea Biotech, respectively.

On the NSE, Panacea Biotech opened at Rs 390, witnessing an intra day high of Rs 392, and an intra day low of Rs 371, in the session so far. It was last trading 3.12 per cent lower at Rs 373.

Shares of Panacea Biotech were last trading 3.35 per cent lower at Rs 373 on the BSE. Pancea Biotech is a global generic and pharmaceutical and vaccine maker registered in the country.