Mankind Pharma experienced a nearly 4% decline in its shares, prompting market attention. Nuvama Alternative & Quantitative Research highlighted that three private equity investors are exploring the sale of up to 7.9% of outstanding shares in Mankind Pharma on December 12. The research firm anticipates a notable surge in free-float following this potential block deal, given the current meager free float standing at 10%.
Nuvama Alternative Desk offered insights into the possible market repercussions, stating that if the revised shareholding for the December quarter is reported on exchanges by January 17, 2024, the stock could see a surge of over 18%, surpassing the Rs 2,250 level until January 17th. This surge might position the stock for inclusion in the MSCI Standard Index during the February 2024 Review. Nuvama Alternative Desk estimates a potential inflow of $112 million, equivalent to 4.8 million shares, with a 20-day volume impact.
As of 9:46 am, the shares were trading 3.47% lower at ₹1,853.50, reflecting the ongoing market dynamics and investor sentiment surrounding Mankind Pharma’s stock performance.
