Indian pharmaceutical company Zyden Gentec Ltd. is locked in lower circuit for the eighth straight day after New Delhi-based lender Punjab National Bank offloaded around one-third of its holding in the company. Zyden Gentec's shares are down 5% at INR15.25 per share on the Bombay Stock Exchange.

According to the Business Standard, PNB had sold 335,141 shares via open market, representing a 3% stake in Zyden Gentec. This is a total consideration of INR67 lakh.

On January 1, PNB had sold 185,141 shares of the pharmaceutical firm priced at INR16.15 per share. On December 19, 2013, the bank had offloaded 150,000 shares priced at INR24.95 apiece, based on BSE data.

PNB held 1.03 million shares or a 9.21% stake in Zyden Gentec as of September 30, 2013, the report said.

Zyden Gentec is a research-based global pharmaceutical company focused on the development, manufacturing and marketing of Active Pharmaceutical Ingredients or bulk drugs, Business Standard said.