Prime Business AfricaThe Udani family, Indian investors and majority shareholders of MeCure Industries, have lost N7.59 billion in the Nigerian stock market between January 2 and July 18, according to Prime Business Africa’s analysis.
Comprising three family members, Samir Udani, with 1.09 billion shares and a 27.29 percent stake, is the chairman of MeCure, while Arjun Udani, with 1.06 billion shares and 26.71 percent stake, is the co-chief executive officer (CCEO) of the company, and Avni Udani, 1.29 billion shares and 32.29 percent stake is a former board member.
Join our WhatsApp ChannelThe three held a total investment of N47.98 billion in MeCure as of January 2, however, it fell to N40.38 billion as of July 18, according to analysis, as equity traders shun the company’s shares for market rivals.
Equity traders held a bearish sentiment on MeCure, leading to the company’s share price dropping by N2.2 kobo, from N13.90 kobo on January 2 to N11.70 kobo on July 18, and resulting in the Udani family recording a 15.82 percent decline in their investment value.
Prime Business Africa gathered that Avni lost N2.84 billion from his investment in MeCure, which was N17.95 billion at the start of the year, but fell to N15.11 billion as of July 18.
Similarly, Samir lost N2.40 billion year-to-date, as his investment in the drug company decreased in value from N15.17 billion to N12.77 billion within seven months.
During the same period, Arjun saw his investment in MeCure drop in value from N14.85 billion on January 2 to N12.50 billion on July 18, representing a loss of N2.35 billion year-to-date.
Prime Business Africa learnt that year-to-date, over N8.8 billion was lost by MeCure’s shareholders, including the Ubani family, indicating the indian investors accounted for 86.3 percent of the loss.
Also, during the period under review, the company’s market valuation dropped to N46.8 billion, from N55.6 billion.
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