Mumbai: Extending its losses for the fifth day on Tuesday, Glenmark Pharmaceuticals fell sharply by 7% in early trade on the Bombay Stock Exchange, days after a setback in patent case against US firm Abbott Laboratories over hypertension drug Tarka.
Shares of Glenmark plunged to a one-month low of Rs 302.25 on BSE in early trade. In the last four trading sessions, the stock had lost 6.9% on the bourse.
The scrip saw a similar downward movement on the National Stock Exchange, where it tumbled 7% to an early low of Rs 302.
A federal jury in New Jersey, had rejected Glenmark’s challenge to the validity of the patent that expires in February 2015. Subsequently the company will have to pay$16 million in damages to the US firm.
As per the latest order, jurors awarded $15.2 million for lost profits and $8,03,514 for higher prices that Abbott would have been able to charge had Glenmark not infringed the patent.
Meanwhile, the benchmark 30-share sensitive index Sensex was trading smart at 19,056.97, up 174.72 points at 10:22 hrs.