New Delhi, July 8 -- Shares of Nectar Lifesciences Ltd. plunged nearly 20 percent in intra-day trading on Tuesday, July 8, hitting a fresh 52-week low of Rs.18.60. The sharp decline came after the company announced the strategic sale of its core Active Pharmaceutical Ingredients (API) and formulations business to Ceph Lifesciences for Rs.1,270 crore, in a slump sale transaction.

In a regulatory filing, the company confirmed that it had signed a definitive Business Transfer Agreement (BTA) with Ceph Lifesciences Private Limited for the transfer of its core operations involving manufacturing, distribution, and marketing of APIs and formulations. The total consideration for the transaction stands at Rs.1,270 crore. Additionally, Nectar Life...