By 'recent market reaction' you mean the downfall in stock price? If so then, it's not recent, it's gradual and slow since six months, and only got aggravated after March qrt.
If it is ( pharma CSM asset acquisition), so negative then why MFs have increased their holdings in June qtr , when compared to March quarter, I wonder.
I can anticipate only two assumptions now. A. On the positive note , MFs have been increasing stake and thus maintaining the stock price at lower levels till they are finished with their buying, as retail investors are the most vulnerable ones, who catipulate very easily, and the also the number of floating shares are not massive like ITC, so all this is possible too.
B. Like Mahesh pointed out, something unknown, may be out shortly.
At this stage, for me, it's no longer no profit no loss, it is loss in pi for me, but I want to wait for 12th August and then decide. If 'June 'qtr is not good, it's not good, not good at all.