Adar Poonawalla exits Panacea Biotech and the controversy around him

Another news has come of one of the most talked-about people nowadays- CEO of Serum Institute of India – Adar Poonawalla. The CEO has been in news for a long time because of the vaccines since he is the only Indian billionaire who took up the responsibility to save his countrymen from the deadly Coronavirus.

india's serum institute warns of delays in exporting vaccine - the new york times

He had been in controversies since then because of the differential prices he charged and was accused of making profits at this time, then changing the price again, then the shortage of vaccines, then him “fleeing” to London, then his father Cyber Poonawalla slamming the accusations on Adar of leaving the country and claiming it as a routine annual summer holiday. 

News about Adar Poonawalla

Now, the latest news which has come is that Adar Poonawalla has given up his stakes at Panacea Biotech for Rs. 118 crores which amounted to 5.15% of the shareholdings through an open transaction. According to the Bombay Stock Exchange, he sold 3157034 shares at the price of Rs 373.85 per share, thus totaling Rs 118 crore. 

panacea biotec gains 5% on successful dengue vaccine trial - the hindu businessline

These shares were then picked by the Serum Institute of India, the organization which has been engaged in producing Covishield vaccines for the world and whose CEO is Adar Poonawalla himself. 

Both Serum Institute and Adar Poonawalla had shareholdings in the company with Poonawalla holding 5.15 % of the shareholdings and Serum Institute holding 4.98% of the shares.

After the transaction, shares of Panacea Biotech closed at Rs. 384.9 per share which was a 1.16 % higher value than the previous close. 

In the other news, Sarda Mines sold shares amounting to Rs 227.66 crore in Jindal Steel and Power Ltd. Jindal Steel and Power Ltd ended at 4.65% higher which is Rs. 436.55 than the previous close. 

Adar Poonawalla and his organization Serum Institute of India have become the lifesavers of the people of the country and the world. He currently is in London since he left the country saying that he had too much pressure and felt unsecured since he was facing a lot of threats from all the powerful and politically involved people of the country. Everything new is coming up daily in the case of Adar Poonawalla, sometimes good and sometimes bad.

What we can just hope is that Adar is able to succeed in the mission he has undertaken and is able to vaccinate the maximum of the country, thus able to save his people from the deadly COVID 19 and is able to be a strength to the government in these tough times. 

serum ceo adar poonawalla says will return to india in a few days | business standard news

We can just wait and watch and see what new unfolds.

Edited by Aishwarya Ingle


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