Sun Pharma shares dipped in the intraday trading session on Friday, March 28. The Indian equity markets are in a tight spot, as they have vacillated from lows to highs and greens and reds in today's day.
Sun Pharma Investment in Trouble
Similarly, Sun Pharma, one of the major names in the industry, also appears to be in a tight spot. The company share took a dive after the company informed, through an exchange filing, that Lyndra Therapeutics Inc, a company that Sun Pharma has stakes in, had ceased operations.
Lyndra Therapeutics is a US-based company, and is based out of Massachusetts. Sun Pharma has invested in the company. Sun has cited 'insufficent funding' as the reason behind this drop.
NSE
16.7 per cent Shares
In its statement, the company said, "This is to inform you that the Company has received a communication from our investee company, Lyndra Therapeutics Inc., informing us that they are ceasing operations effective March 26, 2025, due to insufficient funding to continue their business activities."
Sun Pharma made its investment choice in the company in December 2023. Back then, the company picked up stake 16.7 per cent shares on fully diluted basis in the company.
Sun Pharma Shares In Red
When we look at the performance of the company shares today, they started the day flat on Rs 1,731.45. After this, the decline started, even hitting the low of Rs 1,705.20 in the day. The decline amounted to over 1 per cent.
As trading progressed further for the day, the company shares held back a little on the decrease in share price while continuing to trade in red with cuts.
At the time of writing, this said decline amounted to 0.74 per cent or Rs 12.80. This depreciation took the overall value of Sun Pharma shares to Rs 1,718.65 per piece.
Over the past five days of trade, the pharma giant has seen a cumulative and steep decline Rs 86.45 or 4.79 per cent, in its total value.
