Eris Lifesciences hits record low as stock turns ex-date for share buyback

On July 3, the company's board approved buyback of shares worth up to Rs 100 crore. The buyback is for 1.74 million shares at Rs 575 per share.

Shares of Eris Lifesciences hit a lifetime low of Rs 450, down 8 per cent in early morning trade, on the BSE on Friday as the pharmaceutical company's stock turned ex-date for buyback today.

The company has fixed Monday, July 15, 2019 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the bbuyback on a proportionate basis through "Tender Offer" route.

On July 3, Eris Lifesciences approved buyback of shares worth up to Rs 100 crore. The buyback is for 1.74 million shares at Rs 575 per share.

The promoters and promoter group of the drug firm have expressed their intention to not participate in the buyback, the firm said in a filing to BSE.

So far in 2019, the stock has slipped 34 per cent from a level of Rs 684 per share as against a 8 per cent rise in the S&P BSE Sensex. It touched an all-time high of Rs 896 on March 14, 2018.

Eris Lifesciences got listed at the exchanges on June 29, 2017 and had raised Rs 1,741-crore through initial public offering (IPO) at issue price of Rs 603 per share.

At 10:02 am, the stock was quoting at 7 per cent lower at Rs 458, against a 0.15 per cent decline in the benchmark index. A combined 65,817 shares have changed hands on the counter on the NSE and BSE so far.