Shasun Pharmaceuticals lost 2.03% to Rs 130.40 at 13:26 IST on BSE, with the stock reversing recent rally on profit booking.
Meanwhile, the S&P BSE Sensex was down 16.52 points or 0.07% at 22,671.55
On BSE, so far 5.76 lakh shares were traded in the counter as against average daily volume of 1.87 lakh shares in the past two weeks.
The stock hit a 52-week high of Rs 138.70 in intraday trade today, 28 April 2014. The stock hit a low of Rs 128.15 so far during the day. The stock had hit a 52-week low of Rs 45.60 on 26 June 2013.
The stock outperformed the market over the past one month till 25 April 2014, advancing 90.82% compared with the Sensex's 2.87% rise. The scrip also outperformed the market in past one quarter, gaining 66.9% as against Sensex's 7.36% rise.
Shares of Shasun Pharmaceuticals have rallied 56.58% in five trading sessions to Rs 133.10 on 25 April 2014 from recent low of Rs 85 on 16 April 2014. The rally was triggered by the company's fund raising plan through preferential issue.
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Shasun Pharmaceuticals said the Board of Directors of the company at its meeting held on 23 April 2014 has decided to issue and allot on preferential basis 35 lakh shares of Rs 2 each at Rs 110 per share to Sequent Scientific, having its registered office at Mumbai. The Board also decided to issue and allot on preferential basis 71 lakh convertible warrants of Rs 110 each, with each warrant convertible into one equity share of Rs 2 each to Sequent Scientific, having its registered office at Mumbai.
The above mentioned equity shares and convertible warrant prices are not less than the price determined in accordance with the Sebi Guidelines. The convertible warrants will be converted into equity shares in line with the Sebi Guidelines. Extra Ordinary General Meeting (EGM) is being convened on 21 May 2014 to obtain the requisite approval of the shareholders, Shasun Pharmaceuticals said.
On a consolidated basis, Shasun Pharmaceuticals' net profit rose 58.8% to Rs 13.04 crore on 20.3% increase in net sales to Rs 309.38 crore in Q3 December 2013 over Q3 December 2012.
Shasun Pharmaceuticals is an integrated, leading global supplier of development and manufacturing services for intermediates, API and formulations to the pharmaceutical industry
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