GSK Pharma shares slump over 8% ahead of closure of open offer

Stock of GlaxoSmithKline Pharmaceuticals slumped over 8 per cent as the open offer made by its UK-based parent to acquire additional stake in the company ends on Wednesday.

The pharma company's shares ended at Rs 2,747.85, down 7.17 per cent on the BSE. During the day, the scrip plunged 7.94 per cent to Rs 2,725.

At the NSE, Glaxo's stock tanked 8.14 per cent to settle at Rs 2,725.

UK-based GlaxoSmithKline Plc (GSK) had in December last year announced an open offer to buy 24.33 per cent stake in its Indian arm GlaxoSmithKline Pharmaceuticals for a total consideration of Rs 6,389.02 crore.

GlaxoSmithkline plc currently holds 50.67 per cent stake in GlaxoSmithkline Pharmaceuticals.

Its stake will rise to 75 per cent if it gets the entire equity shares through the voluntary open offer.

The open offer began on February 18 and closed on Wednesday.