China's Fosun drops plan to sell stake in Gland Pharma

Shares of Gland Pharma were up 0.8% at Rs 1,360 as of 9:50 am

Representative Image. Credit: iStock Photo

China's Shanghai Fosun Pharmaceutical Group Co Ltd has withdrawn plans to sell stake in drugmaker Gland Pharma Ltd, ET Now tweeted on Wednesday, citing sources.

Fosun Pharma holds a 57.86 per cent stake in the Indian company. Both Fosun Pharma and Gland Pharma did not immediately respond to Reuters' requests for comment.

Shares of Gland Pharma were up 0.8 per cent at Rs 1,360 as of 9:50 am. They have plunged 28 per cent since November end, when Bloomberg News had reported, citing sources that Fosun Pharma was considering a sale of Gland Pharma after receiving interest from potential buyers.

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