Stocks

Glenmark shares end marginally down

BL Internet Desk Chennai | Updated on January 09, 2018 Published on November 29, 2017

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Shares of Glenmark Pharmaceuticals ended marginally lower by 0.14 per cent at Rs 571 on the BSE.

The company stock opened strong at Rs 579.75 against the previous close of Rs 571.80, touched an intraday high of Rs 579.75 and a low of Rs 570. In terms of equity volume, 0.79 lakh shares exchanged hands in the evening trade.

The steep losses in the previous sesson were attributed to the USFDA observations made after an audit of the the company's Baddi unit.

Glenmark said its Baddi unit contributes approximately 10 per cent of revenue of the US sales.

“The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA (US Food and Drug Administration) audit from November 6 -11, 2017. The USFDA issued seven observations through the form 483,” Glenmark Pharmaceuticals had said in a BSE filing.

“We are in the midst of providing a comprehensive response to the observations and would be replying to the FDA shortly on the observations,” it added.

The company, however, did not elaborate on the nature of observations.

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Published on November 29, 2017
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