Concord Biotech is a prominent biotechnology company based in India, known for its focus on developing and manufacturing a range of biopharmaceutical products. Established with the goal of addressing critical healthcare needs, Concord Biotech specializes in areas such as monoclonal antibodies, biosimilars, and other advanced therapeutic products.
On September 23, Concord Biotech experienced a notable decline in its share price, dropping from ₹2,601 to ₹2,444. This represents a decline of almost 6%.
One key reason for this decline appears to be the sale of a large number of shares by UBS Principal Capital Asia Limited. They sold about 740,000 shares at an average price of ₹2,589.86. When a big investor like UBS decides to sell a significant amount of stock, it can create a wave of concern in the market. Other investors might interpret this as a sign that something is not quite right with the company’s future prospects, leading them to sell their shares as well.