Moneycontrol
Mar 06, 2013 07:51 PM IST | Source: Moneycontrol.com

AstraZeneca Pharma down 15% on stake dilution news

AstraZeneca Pharma fell nearly 15 percent to touch a 52-week low of Rs 711.20 in early trade on Wednesday after the company said its promoter AB Sweden decided to reduce stake in the company.


AstraZeneca Pharma fell nearly 15 percent to touch a 52-week low of Rs 711.20 in early trade on Wednesday after the company said its promoter AB Sweden decided to reduce stake in the company.


The stock recovered in late afternoon trade and gained more than 9 percent to Rs 910.20 but it could not sustain gains for long and turned lower again in last couple of hours of trade.


The dilution of shareholding is for complying minimum public shareholding norms set by SEBI.


Parent company's current shareholding in company stands at 89.99 percent.


At 15:05 hours IST, shares fell 7.26 percent to Rs 773.20 amid hefty volumes on Bombay Stock Exchange.


Trading volumes increased 53 times to 4,59,032 equity shares as against five-day average of 8,684 shares

In the previous trading session too, the stock dropped 3.38 percent to Rs 833.75.

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