Wockhardt tanks 5% after it sells domestic branded ops to Dr Reddy’s Labs

Shares of Wockhardt slumped as significantly as 5.three for every cent to Rs 347.55 on the BSE on Thursday immediately after Dr Reddy’s Laboratories entered into a definitive agreement with the business to receive decide on divisions of its branded generics business.

“The Board of Administrators have thought of and accredited the transfer of business comprising (a) sixty two products and line extensions along with similar business property and liabilities, contracts, permits, intellectual attributes, personnel, promoting, sales and distribution of the exact same in the Domestic Branded Division in India, Nepal, Bhutan, Sri Lanka and Maldives and (b) production facility in Baddi, Himachal Pradesh, by way of a slump sale to Dr. Reddy’s Laboratories as for every the phrases and conditions specified in the Business Transfer Arrangement,” Wockhardt stated in an exchange filing.

The offer, which could fetch a thought amount of money of Rs 1,850 crore, is predicted to

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