Ipca Laboratories' Stake Shake-Up: Usha Madhukar Chandurkar Sells Big

Usha Madhukar Chandurkar divested a 1.6% stake in Ipca Laboratories, amounting to Rs 600 crore, through an open market transaction. Following the sale of 40 lakh shares, promoters' holdings in the company fell to 44.7%. Details of buyers remain undisclosed; Ipca shares dropped 2.68% on the BSE.

Usha Madhukar Chandurkar, a key promoter at Ipca Laboratories, has shed a 1.6% stake in the company through an open market transaction, netting Rs 600 crore.

The Bombay Stock Exchange's bulk deal data revealed that Chandurkar sold 40 lakh shares at an average price of Rs 1,501.52 each.

As a result, the aggregate promoter holding in Ipca Laboratories fell from 46.3% to 44.7%, while the shares saw a dip of 2.68%, closing at Rs 1,516.05 on the BSE. However, the identities of the buyers are yet to be ascertained.

(With inputs from agencies.)