Mumbai: Jyothy Laboratories Ltd's shares fell 14% on the Bombay Stock Exchange after it said German consumer goods major Henkel AG & Co. has not exercised its option to buy up to 26% stake in the company.

Jyothy Labs bought 50.97% stake in Henkel India in 2011, which gave it detergent brands Henko, Mr White and Chek, and personal care products such as Margo, Neem and Fa. Under the terms, Henkel got an option to pick up a 26% stake in Jyothy Labs until March this year but the deadline was later extended till October 31.

"Existing licensing agreement for Pril & Fa will continue. We are mutually exploring other possibilities to work together," said Jyothy in an investor presentation after posting a revenue growth of 9.6% during July-Sept quarter.