Shares of Glenmark Pharmaceuticals today slumped nearly 8 per cent, wiping out Rs 1,211 crore from its market valuation, a day after the company reported a 78 per cent fall in net profit for the quarter ended December. The stock dropped 7.43 per cent to end at Rs 535.10 on BSE.
During the day, it plunged 9.31 per cent to Rs 524.20 -- its 52-week low. On NSE, shares of the company slumped 7.66 per cent to close at Rs 535.20. The company's market valuation dropped by Rs 1,211.18 crore to Rs 15,098.82 crore. In terms of equity volume, 5.42 lakh shares of the company were traded on BSE and over 65 lakh shares changed hands on NSE during the day. Glenmark Pharmaceuticals yesterday said its net profit dropped 78 per cent to Rs 104.7 crore for the quarter ended December on sharp decline in US sales, despite growth in domestic formulations as well as other geographies. The company reported a net profit of Rs 477.10 crore in the corresponding quarter of the previous year. Glenmark's consolidated revenue also declined by 13.07 per cent to Rs 2,203.66 crore for the third quarter ended December 31, against Rs 2,535 crore a year ago.
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