Glenmark tumbles on drug trial failure

Glenmark tumbled 14.5% to Rs 223. The counter touched  an intra-day high of Rs 250 and a low of Rs 216. Around 3.95 million shares changed hands at the counter as against its two-week average traded quantity of 770,784 shares.
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(Updated 1035 hrs)

Glenmark Pharma has crashed following the news of drug trial failure to cure lung disease.

The stock today opened at Rs 245 and added 2% to touch a high of Rs 250. However, it nose-dived 18% to a low of Rs 216. The stock has recovered partially and is now down 11% at Rs 233. The stock has slipped 7% in the past week.

The counter has clocked comparatively heavy volumes of 1.73 million shares on the BSE as against its two-week daily average trade of 770,784 shares.

The company failed to yield positive results in clinical trials for Chronic Obstructive Pulmonary Disease (COPD), an acute form of smoking induced lung disease. The company had licensed the potential drug to US-based Forest Laboratories, who was conducting clinical trials to develop the drug for COPD and asthma.