Comments
Extending its losses for the fifth day on Tuesday, Glenmark Pharmaceuticals fell sharply by 7 per cent 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 by 7 per cent 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 per cent on the bourse.
The scrip saw a similar downward movement on the National Stock Exchange, where it tumbled 7 per cent 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. The company will have to pay $16 million in damages to the US firm.
According to 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.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.