Docon Reduces Stake in Thyrocare; AMC Firms Acquire 7.9% in INR 527 Cr Deal

The sale was valued at INR 667.7 crore at an average price of INR 1,252 per share, according to stock exchange filings.

Docon Technologies Pvt Ltd, promoter of Thyrocare Technologies, sold 53.33 lakh equity shares, representing 10.06 percent of the company’s paid-up capital, via open market transactions on October 24, 2025.

The sale was valued at INR 667.7 crore at an average price of INR 1,252 per share, according to stock exchange filings.

Following the transaction, Docon’s stake in Thyrocare declined from 71 percent to 61 percent, retaining promoter status with 3.2 crore shares.

Asset management companies and mutual funds were key buyers in the block sale. ICICI Prudential Mutual Fund purchased 17.49 lakh shares worth INR 218.9 crore, Aditya Birla Sun Life Mutual Fund acquired 10.33 lakh shares for INR 129.3 crore, HSBC Mutual Fund Midcap Fund bought 6.66 lakh shares for INR 83.4 crore, HDFC Mutual Fund acquired 4.44 lakh shares for INR 55.5 crore, and Eastspring Investments India Consumer Equity Open Limited took 3.19 lakh shares for INR 40 crore. The combined acquisition accounted for a 7.9 percent stake in Thyrocare, totaling INR 527.2 crore.

ICICI Prudential Mutual Fund, through its Pharma Healthcare and Diagnostics (P.H.D) Fund, previously held a 2.2 percent stake. With the additional purchase of 3.3 percent shares, its total holding may rise to 5.5 percent.

Thyrocare shares closed 1.13 percent higher at INR 1,266.1 on the National Stock Exchange, trading above key moving averages with high volumes.

The stake sale comes after leadership changes in the PharmEasy-Thyrocare group. In August 2025, PharmEasy co-founder and CEO Siddharth Shah stepped down from his executive role to become Vice Chairman. Concurrently, Thyrocare chief Rahul Guha was elevated as MD and CEO of API Holdings, the parent entity of PharmEasy and Thyrocare. Guha continues to lead Thyrocare alongside his expanded responsibilities at API.

Financial results for Q2 FY26 show significant growth for the diagnostics chain. Revenue from operations rose 22 percent year-on-year (YoY) to INR 216.5 crore, up from INR 177.36 crore in Q2 FY25. Net profit jumped 81 percent YoY to INR 47.9 crore, compared to INR 26.4 crore in the same quarter last year. For H1 FY26, net profit grew 71 percent to INR 86.1 crore from INR 50.4 crore in H1 FY25.

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