Vivimed Labs said that the compensation committee of the company has granted 5,00,000 options to eligible employees under the Vivimed Labs ESOS 2010 at Rs 120 a option (exercise price).

The shares covered by such options are 500,000 shares. The vesting period of these options is in a phased manner over a period of 4 years.

The stock had underperformed the market over the past one month till Apr. 17, 2014, falling 8.08% compared with the Sensex's 3.76% rise. It underperformed the market in past one quarter, declining 4.60% as against 7.43% rise in the Sensex.

Shares of the company gained Rs 4.55, or 1.99%, to trade at Rs 233. The total volume of shares traded was 8,713 at the BSE (1.44 p.m., Monday).