At close, the Sensex was down 452.44 points or 0.54 percent at 83,606.46, and the Nifty was down 124.00 points or 0.48 percent at 25,513.80. About 2,151 shares advanced, 1,538 shares declined, and 133 shares unchanged.
JB Chemicals share price: The deal will strengthen Torrent's market share in the Indian pharmaceutical market and diversify its platform into contract development and manufacturing.
JB Chemicals share price | The company has received USFDA approval for tablets which will be use to relief the symptoms of depression.
Around 5.8 percent equity of JB Chemicals changed hands in a block deal, with KKR, the promoter of JB Chemicals and Pharmaceuticals, being the likely seller.
At close, the Sensex was up 255.83 points or 0.30 percent at 85,169.87, and the Nifty was up 72.80 points or 0.28 percent at 26,013.20. About 1543 shares advanced, 2061 shares declined, and 91 shares unchanged.
Moneycontrol had reported in April that KKR is in talks with Torrent Pharma to sell its majority stake in JB Chemicals.
In the last 12 months, JB Chemicals stock has soared 53 percent, beating Nifty's returns of 25 percent during this period.
The company aims to diversify into lozenges for sleep disorders, anti-inflammatory lozenges, and immunity-boosting lozenges. It also plans to improve its presence in the cardiovascular segment.