Wockhardt jumps 11% amidst stake sale buzz

New Delhi: Shares of Wockhardt rallied as much as 11 per cent in early trade on Friday amid the buzz of stake sale to Serum Institute of India (SII).

Media reports said Adar Poonawalla's Serum Institute of India is eyeing a 10 per cent stake in the Mumbai-based pharmaceutical player.

Following the development, shares of Wockhardt zoomed as much as 11 per cent to Rs 533.95 on Friday before paring some gains to trade at Rs 513.50 at 10 am. BSE Sensex traded at 59,986.98, up 309.15 points or 0.52 per cent, at the same time.

Reports said Covishiled manufacturer SII may buy 10 per cent stake, valuing the Wockhardt at Rs 7,000 crore. The current market-cap of the company stands at Rs 5,691.08 crore.

Wockhardt is also said to be in touch with various other players for the stake sale. ETMarkets could not verify the media reports.

Shares of Wockhardt pharma have been an underperformer in 2021 so far. The scrip is down over 6 per cent year to date, compared with a 25 per cent rise in BSE Sensex. The scrip currently trades about 35 per cent below its 52-week high of Rs 804.50.