Bengaluru, July 8 -- The shares of the prominent antibiotics medicines manufacturer hit 20 percent lower circuit of Rs 18.53 apiece after the company announced the strategic Sale of its API and Formulations Business to Ceph Lifesciences for Rs.1,270 crores.

With a market capitalization of Rs 415.56 crore, the shares of Nectar Lifesciences Ltd were trading at Rs 18.53 per share, decreasing around 19.99 percent as compared to the previous closing price of Rs 23.16 apiece.

The shares of Nectar Lifesciences Ltd have seen bearish movement after announcing a definitive Business Transfer Agreement to sell its core API and formulations business to Ceph Lifesciences for Rs 1,270 crore on a slump sale basis. The divestment marks a significant str...