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AstraZeneca Pharma plunges over 17% on fixing OFS price at discount

By Religare
AstraZeneca Pharma plunges over 17% on fixing OFS pricing
Shares of drug maker AstraZeneca Pharma tanked over 17 per cent in early trade on Bombay Stock Exchange (BSE) after its parent company fixed offer-for-sale (OFS) price at steep discount.

AstraZeneca Pharmaceuticals AB Sweden, the promoter of the company, has fixed the share sale price at Rs 490 per share, 39 lower than Monday's closing price of Rs 799 on BSE to meet Sebi norms on minimum public shareholding norms.

Weighed down by development, shares of company declined as much as 17.35 per cent to trade at Rs 660.05 a piece on the BSE.

In a similar fashion, shares of the company were trading at 676.85 a piece, down 15.95 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 20,093.18, up 62.41 points or 0.31 per cent at 9:38 hours.

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