Gland Pharma hits new low
Gland Pharma is currently among the top losers on the BSE; it tanked almost 10.5% today to hit a new 52-week low at Rs.1681 with volumes, led mainly by sellers, surging over 3-times.
The stock price tanked on rumours of a likely sell-off by its Chinese promoter, Fosun Pharma Industrial, which holds 57.86% stake.
The Chinese parent company, Fosun International is currently facing a dire financial situation with media reports there suggesting that the company due to its stress, is now unable to raise fresh capital and will have to resort to selling off its assets to raise funds.
Fosun International was recently downgraded deeper into 'junk' rating by credit rating agencies. There is no word of neither denial nor a affirmation to this news from the company.
The company did not have a good Q2FY23 earning season too – its consolidated net profit sank 20% (YoY) to Rs.241 crore on a 3% fall in revenue at Rs.1044 crore.
Following this performance, some brokerage and fund houses downgraded the stock.