Concord Biotech shares dropped more than 4% today following a significant block deal. Shares worth ₹519 crore changed hands at an average price of ₹1,401.25 per share, which was 6.2% higher than the floor price.
Reports indicated that Ontario Inc. plans to sell 3.4% of its total equity in Concord Biotech through this block deal.
Shares changed hands at an average price of ₹1,401.25 per share, 6.2% above the floor price, amounting to a total transaction value of ₹519 crore. The floor price of ₹1,320 per share is a 6.2% premium to Concord Biotech’s closing price on Monday.
As of 9:50 am, the shares were trading 4.15% lower at ₹1,381.00 on the NSE. The stock has gained over 50% from its listing price.
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Concord Biotech