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Shares of Glenmark Pharmaceuticals hit 44-month low on disappointing Q3 results. The stock dropped as much as 9.6 per cent to Rs 524, lowest since May 28, 2014. The stock posted biggest intraday percentage loss since May 2017.
The pharma company had posted 78 per cent slump in December-quarter consolidated profit on Thursday. “The company reported disappointing Q3 performance, much lower than our estimates on the margin front,’’ says Macquarie.
IT says no sequential improvement in US sales and a sharp sequential fall in reported EBITDA are key negatives. Macquarie has rated the stock with 'outperform', and kept the target price at Rs 728.
Up to Thursday's close, Glenmark Pharmaceuticals' stock had declined 2.5 per cent this year. More than 2 million shares change hands in early trade, 2 times the 30-day moving average.
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