Mangalam Drugs Share Price Hit 10% Lower Circuit After Tata Capital Sells 3.47% Stake

Mumbai, November 27: Mangalam Drugs share price is witnessing negative investor demand today, after Tata Capital sold 3.47% stake in the company. As of 11:40 AM, Mangalam Drugs shares were down by 10%, or 3.27 points and were trading at ₹29.41. Until now, the shares have traded within a range of ₹30.40 and ₹29.41. The traded volume for the Mangalam Drugs stock stood at 7.11 lakh shares, with the company’s market cap at ₹52 crore. The shares have their 52-week high at ₹128.01 and their 52-week low at ₹29.41.

Mangalam Drugs and Organics Limited (NSE: MANGALAM, BSE: 532637) is a leading Indian manufacturer of Active Pharmaceutical Ingredients (APIs) and intermediates, primarily serving the global pharmaceutical sector. The company has a strong reputation in specialty chemicals and bulk drugs. The company was established in 1972 and is headquartered in Mumbai, Maharashtra.

Shares Fall After Tata Capital Sells 3.47% Stake

The fall in the share price comes after Tata Capital sold a 3.47% stake in the company through two open-market transactions. Tata Capital sold 4.44 lakh shares, at a per share price of ₹33.54, worth ₹1.49 crore through the first transaction. It sold 1.05 lakh shares, at a per share price of ₹33.36, worth ₹35.02 lakh through the second transaction. Overall, Tata Capital sold 3.47% stake in Mangalam Drugs, worth ₹1.84 crore.

Investor Takeaway for Mangalam Drugs

The stake sale by Tata Capital has lowered investor sentiment today. Investors have taken the stake sale negatively as they believe that Tata Capital is not confident of the long-term growth potential of Mangalam Drugs. The stake sale is significant for a small-cap company such as Mangalam Drugs and was executed by a prestigious firm such as Tata Capital. The shares are trading lower, and have already hit their 10% lower circuit.

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