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In the light of a steep decline in its share price over the past three days, Hyderabad-based speciality chemicals and pharmaceutical company, Vivimed Labs Limited, informed the BSE on Friday that the fall “is unexpected and unwarranted.”
“The company would like to assure all shareholders that there is no change in its business fundamentals. Vivimed remains committed to delivering growth and profitability across each of its business segments,” it stated.
Vivimed further clarified that “the promoters of the company have informed us that none of the shares pledged by them in their individual capacity have been invoked by their lenders as of date, to warrant this unusual movement.”
As on June 30, according to BSE data, the promoters held 39.3 per cent stake in the company, of which 38.34 per cent stake was pledged with the lenders.
Vivimed’s share price has been hitting the lower circuit in the past two days. The scrip’s price declined 19.99 per cent (Rs 34.60) to a 52-week low of Rs 138.50 from the previous close of Rs 173.10. The company’s 52-week high price stood at Rs 403.65.
Vivimed is a global supplier of active ingredients for a diverse range of home and personal care products. It also has a significance presence in therapeutic segments like anti-ulcer, anti-depressants, oncology and anti-diabetics.
According to Vivimed, global financial institutions like the IFC and equity players like NYLIM Jacob Ballas and Kitara Capital of Mauritius had made equity investments in the company.
