Strides Arcolab shares slump as investors cast doubt on asset sale report

MUMBAI Thu Feb 7, 2013 12:35pm IST

Related Topics

Stocks

   

MUMBAI (Reuters) - Strides Arcolab Ltd (STAR.NS) slumped as much as 17.4 percent in Mumbai trading on Thursday as investors cast doubt on media reports that the drug maker may sell its injectable-medicines unit Agila Specialties.

Bloomberg News and the local media said last month that Strides was in talks to sell Agila to Pfizer Inc PFE.NS. Pfizer is doing due diligence and a deal could be reached this quarter, Bloomberg said, citing sources that it did not identify.

"There is market talk the deal with Pfizer might get delayed or cancelled," said Narayan Patra, an analyst at Systematix.

A spokesman at Strides declined to comment, while officials at Pfizer could not be immediately reached.

Shares in Striders were down 11.2 percent as of 0633 GMT.

(Reporting by Abhishek Vishnoi; Writing by Rafael Nam; Editing by Ryan Woo)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage