Stocks

Glenmark shares hit 52-week low on USFDA warning letter

PTI New Delhi | Updated on October 07, 2019 Published on October 07, 2019

Shares of Glenmark Pharmaceuticals tumbled nearly 10 per cent and hit its 52-week low level on the bourses on Monday after the company received a warning letter from the US health regulator for its Baddi facility in Himachal Pradesh.

Shares of the drug firm fell to its 52-week low level of ₹284.40, on the BSE, registering a decline of 9.90 per cent over its previous closing price.

The scrip, however, gathered some lost ground and was trading at ₹289.25, down 8.36 per cent.

Similar movement was seen on the NSE as well, where the stock fell to its 52-week low level of ₹284.10, down 9.94 per cent over its last close.

The shares of the company were later trading at ₹286.75, down 9.10 per cent.

Drug firm Glenmark Pharmaceuticals on Saturday said it had received a warning letter from the United States Food and Drug Administration (USFDA) for its Baddi facility in Himachal Pradesh.

USFDA had inspected the facility between April 15 and April 20, Glenmark said in a BSE filing on Saturday.

“The company is committed to working along with the USFDA to implement all the necessary corrective actions required to address the concerns raised in the letter and is in the process of preparing a detailed response to the USFDA within 15 working days,” Glenmark said. PTI RUJ DRR 10071207

Published on October 07, 2019
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