Cohance Lifesciences Stock Tanks On ₹3,000 Crore Promoter Stake Sale

Shares of contract development and manufacturing organization (CDMO) firm Cohance Lifesciences fell as much as 6.2% to ₹906 on Thursday. The decline was due to reported block deals that saw around 3.39 crore shares, or 8.9% of the equity, worth around ₹3,073 crore change hands in early trade.

Promoter Jusmiral Holdings offloaded close to 34.1 million shares for around $350 million through block deals, according to a report by CNBC-TV18.

This came just a day after reports suggested Jusmiral was planning to pare up to 5.1% stake in the company, with the transaction size pegged at ₹1,756 crore at a floor price of ₹900 per share, a 6.9% discount to the stock's last close.

The report added that a 210-day lock-up period has been set for any additional share sales by the promoter. IIFL Capital acted as the book-running lead manager for the transaction.

As of the June quarter, Jusmiral Holdings held a 33.34% stake in Cohance Lifesciences, according to exchange data.

Year-to-date, the stock has declined by over 20%.

Technical View

On the monthly chart, the Cohance stock has been dropping to fresh lows consistently, with the relative strength index (RSI) indicating a sideways trend, noted SEBI-registered analyst Sunil Kotak.

The overall momentum remains bearish, with a strong supply zone at ₹960 - ₹975 and a demand zone at ₹860 - ₹880. 

The analyst noted that the stock is lagging behind the broader market and suggested it is best avoided for the time being.

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