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Indegene shares slump 4% after block trades; Here's the likely seller
Shares of Indegene plunged over 4 per cent in Wednesday's intraday session after 28.1 million shares changed hands in block trades during the market open.
The healthcare tech firm's stock fell as much as 4.68 per cent during the day to ₹590 per share, the biggest intraday loss since April 5 this year. The stock pared losses to trade 4.4 per cent lower at ₹590 apiece, compared to a 0.01 per cent advance in Nifty 50 as of 9:50 AM.
Shares of the company snapped a four-day gain on Wednesday. The counter has fallen 1.8 per cent this year, compared to a 3.8 per cent advance in the benchmark Nifty 50. Indegene has a total market capitalisation of ₹14,239.63 crore, according to BSE data.
Indegene block deal
The company had 28.1 million shares, or 12 per cent equity changed hands in two block trades, according to Bloomberg data. Buyers and sellers of the deals were not known immediately.
However, the news agency reported that CA Dawn Investments is selling as many as 24.48 million shares, or a 10.2 per cent stake in the company. The floor price of the transaction was set at ₹580 apiece, a 6.4 per cent discount to the stock's last close.
With a trading volume of over 68.3 times the three-month full-day average, the company's stock was the most traded by volume on the National Stock Exchange.
In December last year, Global investment firm Carlyle Group, through its arm, divested a 4.3 per cent stake in the healthcare tech firm for ₹636 crore through an open market transaction.
About Indegene
The company is a global provider of solutions consisting of analytics technology and commercial medical, regulatory and safety services to life science and healthcare organisations.
It provides digital-led commercialisation services for the life sciences industry, including biopharmaceutical, emerging biotech, and medical devices companies that assist them with drug development and clinical trials, regulatory submissions, pharmacovigilance, and complaints management, and the sales and marketing of their products
Indegene made a strong stock market debut in May last year, with its shares getting listed at a 46 per cent premium over its issue price. The issue got a healthy response with the IPO getting subscribed 70.30 times.
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