Stock market today: Shares of pharma major Divi’s Laboratories on Friday, February 21, witnessed a near 4% decline in intra-day trade after SBI Mutual Fund pared its stake in the company.
SBI Mutual Fund said sold 1,40,560 shares, representing 0.0529% of the paid-up share capital of the company on February 19 under its various schemes.
Following this, the final holding of SBI Mutual Fund, under its various schemes, as at the close of business hours on February 19 was 1,33,99,732 shares which is 5.0476% of the paid-up share capital of Divi’s Labs. Ahead of the stake sale, SBI Mutual Fund held 1,35,40,292 or 5.1005% stake in the blue-chip pharma company.
As of February 2023, the stake held by India’s biggest mutual fund in Divi’s Labs had declined by 200 bps from 7.0869% to 5.0476% currently.
Apart from SBI Mutual Fund, many marquee investors like the Life Insurance Corporation of India (LIC) and the Government Of Singapore also hold stakes in the company. LIC’s stake in the counter was at 6% at the end of the December 2024 quarter while the Government Of Singapore’s shareholding was 2.4%.
Divi’s shares dip 4%
Against this backdrop, Divi’s Labs’ share price opened marginally lower at ₹5,960 versus its previous closing price of ₹5,978.30 apiece. The stock thereafter extended its fall to hit the day’s low of ₹5,756.85, translating into a fall of 3.70% from its last closing price.
Despite the fall in stock price today, Divi’s Labs has rallied 55.6% in the past one year, pushing its market capitalisation to ₹1.53 lakh crore.
Divi’s Labs’ 52-week high stands at ₹6,285.45 apiece, which it scaled on December 3, 2024, while it hit a 52-week low of ₹3,350 on March 27, 2024.
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
