The Shares of Piramal Pharma entity plunged 5% to hit its lower circuit at Rs 191.75 per share after inaugural at Rs 201.8 on the BSE in Wednesday’s intraday trade.

Last week, the company acquired a go-ahead from the National Company Law Tribunal (NCLT) for listing its equity shares. Furthermore, the listing of the shares is in line with the company’s plan to list it by the third quarter of the existing fiscal year. According to the circular BSE released, Piramal Pharma securities will be acknowledged as substitutions in the T group of securities.

As a part of the demerger between the two companies, four equity shares of the face value of Rs 10 each that are fully paid up of Piramal Pharma will be issued and allotted for every one share of the face value of Rs 2 held in Piramal Enterprises. Piramal Pharma Limited (PPL) offers a portfolio of differentiated products and services concluded end-to-end manufacturing competencies across 15 global facilities and a global distribution network in above 100 countries.

PPL has a discriminated business model, encompassing Contract Development and Manufacturing (CDMO), Complex Hospital Generics (CHG), and India Consumer products (ICH). Meanwhile, Piramal Enterprises traded 1% higher at Rs 827.25 per share around 10:10 am.