Insider trading allegations at Gland Pharma

A company associated with the management is said to have divested a 4% stake when it likely had access to unpublished price-sensitive information.

A little over a year ago, Gland Pharma was a star stock to own.

Shares of the Hyderabad-based injectables maker, owned by Chinese conglomerate Fosun, hit a high of Rs 4,287 in August last year—up from Rs 1,500 in its November 2020 IPO—giving it a valuation of around Rs 70,000 crore. That put it on a par with Dr Reddy’s Laboratories, which had five times the revenue of Gland. 

The story stands in sharp contrast today. The stock has fallen 54% since January and its valuation is around Rs 31,000 crore. Foreign institutional investors have reduced their stake by half, …

Author

T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor

surendar@mailtmc.com

Mumbai