Shares of Sun Pharmaceutical tanked nearly 9 per cent on Tuesday ay, leading to an erosion of Rs22,262 crore from its market valuation, after Japan's Daiichi Sankyo announced selling its entire holding in the Indian drug major for an estimated Rs20,420 crore.
After witnessing a sharp dip of 10.63 per cent to Rs933.10 on the BSE in intra-day trade, shares of Sun Pharma finally ended at Rs951.60, down 8.86 per cent. At the NSE, the stock settled 8.77 per cent lower at Rs952.20. led by the sharp decline in the stock, the company's market valuation dipped by Rs22,262.25 crore to Rs2,28,960.75 crore.
The stock was the biggest loser among Sensex and Nifty scrips. Japanese drug maker Daiichi Sankyo today sold its entire stake of around 9 per cent in Sun Pharmaceutical Industries for over Rs20,420 crore, which it received after merger .