Shares of Cipla fell as much as 5 percent on Tuesday after large deals took place on the NSE.

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About 2.05 crore shares of Cipla worth Rs 1,880 crore trade on the NSE at an average of Rs 915 per share which means around 4 percent discount to the previous close.

News that Promoters will sell up to 2.5 stake in Cipla, did the rounds. The price band for the sale was expected to be in the range of Rs 904-916 per share with the base deal of Rs 1,459 crore.

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Reports had said that the deal would be to sell 1.6 crore shares, or 2 percent of total shares outstanding, with an option to offload an additional 40 lakh shares or 0.5 percent of the total equity, citing a term sheet issued by Kotak Securities.

According to the BSE shareholding data, the Promoter and Promoter Group hold a 36.11 percent stake in Cipla as of December 2021.

At 9:44 am, shares of Cipla were trading at Rs 923.5, down 3.3 percent on the BSE. The stock was the worst performer on Nifty50.

Year-to-date, the stock is down 2 percent in tandem with the benchmark Nifty50 which had also fallen 2 percent. However, in the past three years, the stock has gained 71 percent while the Nifty50 is up 58 percent.

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