Strides Arcolab Ltd
Bloomberg News and the local media said last month that Strides was in talks to sell Agila to Pfizer Inc
"There is market talk the deal with Pfizer might get delayed or cancelled," said Narayan Patra, an analyst at Systematix.
A spokesman at Strides declined to comment, while officials at Pfizer could not be immediately reached.
Shares in Striders were down 11.2 percent as of 0633 GMT.