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:

Fast-tracking Projects

REUTERS SHOWCASE

Oil Prices

Oil Prices

Brent edges further above $61 as companies cut upstream investments.  Full Article 

GST Bill

GST Bill

Cabinet clears bill for nationwide goods and services tax.  Full Article 

Aviation Sector

Aviation Sector

Breakingviews: SpiceJet rescue is no fix for India aviation woes.  Full Article 

Global Economy

Global Economy

Fed confident on U.S. growth, opens door wider to rate hike.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Banking Sector

Banking Sector

Japan banks to bulk up India presence on improving ties   Full Article 

Reuters India Mobile

Reuters India Mobile

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