Why Morepen Laboratories Shares Are Up 11% Today

Morepen Laboratories shares surged as much as 11 per cent on Friday on a report that the Delhi-based pharma company is in talks to sell its OTC (over-the-counter) business. 

The Economic Times, quoting sources, said Morepen Laboratories has mandated Deloitte Touche Tohmatsu to run a formal process and negotiations are at an advanced stage. 

The Bombay Stock Exchange has sought a clarification from Morepen Laboratories about the news report. The company is yet to respond to the same. 

Morepen Laboratories' OTC products include brands like Burnol. As of 11.20 a.m., Morepen Laboratories shares traded 10.48 per cent higher at Rs 27.4 compared to 0.07 per cent fall in the broader Nifty.