Business News/ Markets / Stock Markets/  Shares of Glenmark Pharma slump 7% on profit booking

MUMBAI: Shares of Glenmark Pharmaceuticals Ltd on Tuesday plunged more than 7% due to profit booking. On Monday, the stock had rallied over 27% as the company launched anti-viral drug, Favipiravir, to treat mild-to-moderate levels of covid-19.

At 01:30 pm, the stock of Glenmark Pharmaceuticals traded at 487.05, down 6.30% from its previous close, while the benchmark index, Sensex rose 0.96% to 35,246.24.

Shares of Glenmark Pharma had surged 32.18% to 519.80 in four sessions till Monday, from its recent closing low of 393.25.

On Monday, the stock had jumped 27.06% in a single trading session as the company announced the launch of antiviral drug Favipiravir, under the brand name FabiFlu. Priced at 103 per tablet, the prescription-based drug will be available at a maximum retail price (MRP) of 3,500 for a strip of 34 tablets.

Glenmark said Favipiravir is also undergoing trials in other countries to test its efficacy as a drug to cure covid-19. The company added that the approval for Favipiravir in India was granted based on "evaluation of data".

In another development on Monday, HSBC Pooled Asian Equity Fund sold 1,879,542 shares, or 0.67% equity, in Glenmark Pharma at 527.77 per share via bulk deal. HSBC Pooled Investment Fund through HSBC Pooled Asian Equity Fund held 3.29% stake in the drug maker as on 31 March, 2020.

On a consolidated basis, the drug maker reported a 64% rise in net profit to 190.74 crore due to a 5.1% increase in net sales to 2,638.62 crore in the December quarter, over Q3FY19.

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 23 Jun 2020, 02:20 PM IST
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Get alerts on WhatsApp
Set Preferences My Reads Watchlist Feedback Redeem a Gift Card Logout