Torrent Pharma's shares fell  4% on October 30 following a block deal worth Rs 3,238.90 crore in which promoter Torrent Investments is expected to sell.

The block deal also increased the counter's trading volumes significantly. As much as one share has already changed hands, far above the one-month daily trading average of four lakh shares.

As many as 1.04 crore shares, representing a 3.1 percent stake in the drugmaker, traded at an average price of Rs 3,108 per, reflecting a more than 3% reduction to the stock's previous closing price.

In order to generate up to Rs 3,000 crore, promoter Torrent Investments Private Limited reportedly planned to sell up to 2.9 percent of Torrent Pharma's stock in block deal.

According to reports, the offer included a greenshoe option of 16.5 lakh shares worth Rs 500 crore, while the basic size was 83 lakh shares, accounting for 2.4 percent of total equity, valued at Rs 2,500 crore.

Furthermore, the block deal will include a 120 day lock in period during which Torrent Investments will be unable to sell any additional shares.

Torrent Investments controls 71.25 percent of Torrent Pharma, according to the pharmaceutical company's most recent shareholding figures.