HDFC MF Buys Stake in Eris Lifesciences, Stock Soars 4% as Individual Sells 2% for ₹188 Cr

Tanushree Jaiswal 7th July 2023 - 05:55 pm

In an important development in the pharmaceutical sector, individual investor Rakesh Shah recently sold a 2% stake in Eris Lifesciences, a prominent pharmaceutical company. The transaction, valued at over ₹188 crore, has attracted attention from market participants and industry experts.

According to data from the National Stock Exchange (NSE), Shah sold 27 lakh shares, representing a 1.98% stake in Eris Lifesciences. The shares were sold at an average price of ₹697 per share, totaling ₹188.19 crore. This move has reduced Shah's ownership in Eris Lifesciences from 11.53% to 9.55% since the end of the March quarter.

At the same time, HDFC Mutual Fund, a leading domestic institutional investor, acquired 20.25 lakh shares in Eris Lifesciences. However, specific details of this transaction have not been disclosed at this time.

Following these transactions, the stock of Eris Lifesciences experienced notable market activity. The shares gained 1.98%, closing at ₹720 per share on the NSE. This positive movement indicates the market's confidence in the company's prospects and its ability to attract interest from renowned investors.

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Tanushree Jaiswal

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