Mankind Pharma shares decline over 3% after 1.19 crore shares change hands in block deals

Mankind Pharma share price NSE BSE, Mankind Pharma block deals: Shares of Mankind Pharma in Tuesday's session (March 26) traded with a cut of over 3 per cent at the day's low after 2.97 per cent equity or 1.19 crore shares in the company changed hands via multiple block deals in the pre-opening session.

Beige Limited, a private equity firm affiliated with ChrysCapital, is the likely seller. The size of the deal, as per Zee Business Research, was Rs 2,450 crore. The base price for the deal was estimated to be Rs 2,103 apiece.

At around 9:27 am, shares of the drug firm traded 1.74 per cent lower at Rs 2,174 apiece on the BSE. As per Zee Business research desk inputs, after the block deal, the expectation of the stock being included in MSCI’s May review has increased.

This block deal is said to reduce the company’s float by 25 per cent. Further, the research desk notes that as and when the company’s shareholding is reported to the exchanges by April 16, the stock is most likely to find a place in the MSCI index, bringing in a potential inflow to the tune of Rs 1300 crore.

On March 11, 2024, the company announced that it had signed a distribution and promotion agreement with AstraZeneca Pharma for the distribution of budesonide and formoterol fumarate dihydrate (brand name Symbicort). 

“AstraZeneca Pharma India and Mankind Pharma entered into an agreement for exclusive distribution of AstraZeneca’s budesonide and formoterol fumarate dihydrate (inhaled corticosteroid (ICS) and long-acting beta-agonist (LABA) combination) brand Symbicort in India,” said the company’s filing with the exchanges.

Mankind Pharma stock returns

Shares of the company in the past one year have climbed 99.7 per cent.

Analysts' call

The consensus recommendation from 12 analysts on the stock is 'hold' with 3 of them signalling a strong buy on the pharma major.