Strides Arcolab shares sink on dividend worries
The shares had initially gained as much as 13.2 percent.
The company declared a 20 percent dividend, or 2 rupees per share, for 2012.
Strides' injectables unit Agila Specialties generated $700 million in sales and an operating profit of $86 million in year 2012, Strides said.
The Bangalore-based drugmaker said it planned to spend $700 million to $800 million at pretax level on shareholders.
Valued at $1.1 billion, shares in Strides Arcolab were down 9 percent at 896.15 rupees by 0411 GMT when the Mumbai market was up 0.55 percent.
Stocks More on Strides Arcolab
Be the first to comment.