Laurus Labs shares decline over 4pc

Intra-day, it hit a low of Rs 348.8.

New Delhi: Shares of Laurus Labs Ltd on Friday declined over four per cent after two promoters offloaded shares of the company. On BSE, the scrip ended at Rs 351.3, down 4.63 per cent over previous close.

Intra-day, it hit a low of Rs 348.8. On NSE, the shares declined 4.64 per cent to close the counter at Rs 351.65 apiece. During the trading session, the scrip hit intraday low of Rs 348.5.

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In a regulatory filing on Thursday, Laurus Labs said, “Dr Satyanarayana Chava, founder promoter, CEO & ED, sold 52 lakh equity shares of the company at an average price of Rs 368.59 per share, aggregating to Rs 191.67 crore and Nagarani Chava, one of the promoters of the company sold 18 lakh equity shares of the company at an average price of Rs 366.91 per share at an aggregate value of Rs 66.04 crore, together 1.3% of the paid up capital of the company.”

A significant part of the above amount will be utilized to release the pledge on their equity shares of the company, it added.

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