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Morepen Laboratories slips as SEBI restricts it from dealing in securities

Morepen Laboratories is currently trading at Rs. 18.20, down by 3.55 points or 16.32% from its previous closing of Rs. 21.75 on the BSE.

The scrip opened at Rs. 19.00 and has touched a high and low of Rs. 19.65 and Rs. 17.55 respectively. So far 471090 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 2 has touched a 52 week high of Rs. 27.80 on 01-Nov-2018 and a 52 week low of Rs. 14.70 on 21-Feb-2019.

Last one week high and low of the scrip stood at Rs. 24.00 and Rs. 17.05 respectively. The current market cap of the company is Rs. 825.43 crore.

The promoters holding in the company stood at 34.54%, while Institutions and Non-Institutions held 14.73% and 50.73% respectively.

Securities and Exchange Board of India (SEBI) has directed prohibition on securities market’s access and restraining from buying, selling or otherwise dealing in the securities, either directly or indirectly or in any other manner whatsoever, for a period of one year, to Morepen Laboratories. In this regard, the Company is seeking advice for pursuing suitable remedies including filing of appeal before the appropriate forum.

Morepen Laboratories is a well-known pharma company having well equipped Research & Development Centre and is all set to seize the Generic revolution in pharma industry, by filing multiple DMFs and COS for new APIs.

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