Cipla shares zoomed 4% on Wednesday after the company’s promoters sold over 2% stake in the company.

What Happened: Cipla said in a regulatory filing that members among the promoter group sold over 2 crore shares through block deals in the session. The promoters of the pharma major sold 2.04 crore shares through a block deal on Wednesday. The transaction is estimated to be worth around ₹2,600 crore.

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"‘Ms. Shirin Hamied, Ms. Rumana Hamied, Ms. Samina Hamied and Okasa Pharma Private Limited  (all categorised as Promoter Group) have sold 2.53% shares of Cipla Limited for the purpose of  creating liquidity for specific needs including philanthropy. Post transaction, the entire promoter group (including Person Acting in Concert)  continues to hold
31.67% in the Company and remains committed to the future of Cipla Limited," the company said in the filing. Before the transaction, the promoters held a 33.47% stake in the company til March 2024.

Earlier in the week, Cipla's shares gained after the company's Q4 results surpassed market expectations. In the March quarter, Cipla reported a 79% increase in profit, reaching ₹939 crore, along with a 10% rise in revenue to ₹6,163 crore.

Price Action: Cipla shares surged over 4% to ₹1412.15 in the afternoon on Wednesday.

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