SPARC shares tank 40% after 10 consecutive lower circuits, more sell orders pending
Summary
This streak of lower circuits has resulted in SPARC losing over ₹6,000 crore in market capitalisation.
Shares of Sun Pharma Advanced Research Company (SPARC) Ltd. are locked in another lower circuit of 5% on Thursday. This is the 10th straight day of lower circuit for the stock.
The stock has now declined for 11 consecutive trading sessions, out of which 10 have seen the stock been locked in a lower circuit. The 11-day losing streak has seen the stock
This 11-day drop has now seen the stock fall below all of its key moving averages. On Wednesday, the stock also fell below its 200-Day Moving Average, a level it had not slipped below since June of last year. Currently, the 200-Day Moving Average for the stock is placed at ₹292.
SPARC has also slipped into oversold territory on the charts with its Relative Strength Index falling to 25. A reading on the RSI below 30 indicates that the stock is in “oversold” territory.
Data available on the National Stock Exchange shows that there are pending sell orders of nearly 48 lakh shares at lower circuit levels at of 11 AM. The circuit had briefly opened post which the pending sell orders fell to 29.6 lakh and the stock fell back into a lower circuit.
This streak of lower circuits has resulted in SPARC losing over ₹6,000 crore in market capitalisation.
SPARC shares have been on a losing spree after it announced results from the planned interim analysis of PROSEEK study of Vodobatinib in patients with Early Parkinsons’ disease.
Vodabatinib was one of SPARC’s flagship assets in its neurological program, being studied for Parkinson’s Disease, Lewy Body Dementia, and Alzheimer’s.
Shares of SPARC, after today’s 5% lower circuit have declined to ₹270.90. The stock has given up all the gains it had made so far in 2024 and is now down 12% for the year.
(With Inputs From Ekta Batra.)
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