Shares of Sun Pharmaceutical tanked nearly 9 per cent today, leading to an erosion of Rs 22,262 crore from its market valuation, after Japan's Daiichi Sankyo announced selling its entire holding in the Indian drug major for an estimated Rs 20,420 crore.
After witnessing a sharp dip of 10.63 per cent to Rs 933.10 on the BSE in intra-day trade, shares of Sun Pharma finally ended at Rs 951.60, down 8.86 per cent.
At the NSE, the stock settled 8.77 per cent lower at Rs 952.20.
Led by the sharp decline in the stock, the company's market valuation dipped by Rs 22,262.25 crore to Rs 2,28,960.75 crore.
The stock was the biggest loser among Sensex and Nifty scrips.
Japanese drug maker Daiichi Sankyo today sold its entire stake of around 9 per cent in Sun Pharmaceutical Industries for over Rs 20,420 crore, which it received after merger of Ranbaxy in the Indian firm, ending seven years of its tumultuous experience in the country.
The company, which had forayed into the growing Indian pharmaceutical market by buying a majority stake in Ranbaxy Laboratories in 2008 for Rs 22,000 crore, sold over 21 crore shares in Sun Pharma.
In a statement issued today, Daiichi said, "The sale of Sun Pharma shares has been completed."
As part of the share sale, the Japanese firm sold a total of 21,49,69,058 shares of Sun Pharma.
At the average share price of about Rs 950 in the morning trade when Daiichi announced selling its stake, the value of its shares is estimated to be Rs 20,420 crore.
Last month, Sun Pharma had announced completion of merger of Ranbaxy with itself, almost a year after announcing the USD 4-billion deal.
As per Forbes, which ranks people on the basis of their wealth, Dilip Shanghvi, the founder and managing director of Sun Pharma was the biggest loser today with USD 1.8 billion dip in his net worth to USD 20.3 billion.
However, Shanghvi remains the richest person in India followed by Mukesh Ambani who has a net worth of USD 20 billion.
Sun Pharmaceutical Industries chief Dilip Shanghvi has recently beaten Mukesh Ambani to the top spot in Forbes' richest Indians list.
Meanwhile, in the stock market the BSE benchmark Sensex ended the day with a loss of 210.17 points at 27,676.04.
