Stocks

Glenmark Pharma tanks 7% on BSE

PTI Mumbai | Updated on January 18, 2011 Published on January 18, 2011

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.

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Published on January 18, 2011
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