Press Trust of India |
Mumbai
May 4, 2012
Last Updated at 19:08 IST
Cipla shares up over 2%
It slashed the prices of its generic drugs by up to 76%
Defying the weak market sentiment, pharma major Cipla today notched up 2.46% gain on BSE after the company slashed the prices of its generic drugs, used in treating cancers of brain, lung and kidney by up to 76%.
Cipla shares were up 2.46% at Rs 325.20 on the BSE. During the day, the stock jumped up by 3.65% to Rs 329.
At the wide-based National Stock Exchange, the stock gained 2.85% to settle at Rs 326.70.
Cipla was the best performing scrip amid the 30-Sensex blue-chips wherein 25 of its components ended in the negative territory.
The price of 'Soranib' used for treating kidney cancer has been cut by 76% to Rs 1,710 "for a month's therapy", from Rs 6,990, Cipla had said.
The move comes on the back of the government permitting domestic firm Natco Pharma to manufacture and sell cancer treatment drug Nexavar at a price over 30 times lower than charged by its patent-holder Bayer Corporation.
