Panacea Biotec dips 13% in two days after Serum Institute cuts stake

On December 3, 2020, Serum Institute of India Private Limited sold 309,559 equity shares, representing 0.50 per cent equity of Panacea Biotec, at Rs 243.32 per share

Shares of Panacea Biotec dipped 8 per cent to Rs 214 on the National Stock Exchange (NSE) on Friday, falling 13 per cent in the past two trading days, after Serum Institute of India sold its stake in the company via open market. The stock slipped 19 per cent from its 52-week high level of Rs 265 touched in intra-day trade on December 3, 2020.

On Thursday, Serum Institute of India Private Limited sold 309,559 equity shares, representing 0.5 per cent equity of Panacea Biotec, for Rs 7.53 crore. The Cyrus Poonawalla Group’s vaccine manufacturer sold these shares at