Glenmark slides after US arm recalls 3 drugs
Shares of Glenmark Pharmaceutical were down nearly 4% at Rs on report that the company's US arm Glenmark Generics has recalled some lots of three drugs because of "odd smell".
According to the US Food and Drug Administration, Glenmark Generics has recalled its Gabapentin, Tablets 600mg, 500-count bottle and Tablets 800mg, 500-count bottle; Pravastatin Sodium Tablets 40-mg, 90-count bottle; and Topiramate Tablets 200mg, 60-count bottles from the US market after the company discovered the problem.
Glenmark Pharmaceuticals had received USFDA approval to market Gabapentin oral tablets in 2006. The drug is dispensed to control epileptic seizures.
Nearly 560,000 shares were traded on both the stock exchanges so far.