Shares of PI Industries were down 8 per cent to Rs 2,756 on the BSE in Tuesday’s intra-day trade after the company terminated the agreement related to acquisition on slump sale of Ind-Swift Laboratories (ISLL). This is due to ISLL has not been able to complete several of the pre-agreed conditions precedents.

“Given non-fulfilment and also disagreement on some of the pre-agreed conditions, the company has decided not to pursue the transaction further,” PI Industries said in a statement.

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PIs’ strategy to strengthen presence in custom synthesis exports through diversification into adjacencies, including pharma, remains intact. The R&D establishment within PI remains attuned to developing and scaling multiple advanced technologies, processes, and platforms to execute its long-term strategy, the company said. “PI Industries will continue to evaluate other M&A opportunities that are aligned to it strategic direction with the intention to create a differentiated scale play in pharma,” it added.