Serum Institute of India pares stake in Panacea Biotec, stock locked in lower circuit

SII sold a 0.58% stake in the company. As of December 2021, its stakeholding was at 8.59%

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Panacea Biotec share price was locked in a 5 percent lower circuit on February 4 after Serum Institute of India pared stake in the company.

The stock closed at Rs 329.20 on the NSE, down 5 percent, continuing its slide. The scrip has fallen fell more than 25 percent in the last eight months.

Vaccines & immuno-biologicals manufacturer Serum Institute of India sold 3.58 lakh equity shares in Panacea Biotec, representing 0.58 percent of total shareholding on the NSE, as per the bulk deals data.

Serum Institute sold those shares at a price of Rs 278.15 per share. The Cyrus Poonawalla-owned biotechnology company owned an 8.59 percent stake, or 52,63,920 shares, in the company as of December 2021.

Panacea Biotec will release its financial results for the December 2021 quarter on February 14, 2022.