 "Venus Remedies tanks on profit bookings")
Venus Remedies has tanked 12% to Rs 332 on back of heavy volumes on profit bookings. The stock opened at Rs 378 and touched a low of Rs 321 so far on National Stock Exchange (NSE).
At 1015 hours, a combined 2.2 million shares already changed hands against an average sub 2 million shares that were traded daily in past two weeks on NSE and BSE.
Since September 3, shares of pharmaceutical firm had rallied 36% from Rs 279 to Rs 379 till yesterday, after the company said it entered into an agreement with Israel-based generic drug maker Teva for selling an anti-cancer drug in Canada. The benchmark S&P BSE Sensex declined 1.2% during the same period.
On September 8, the company announced that it ties up with Mylan for marketing meropenem in three European countries.
“The company has entered into a distribution-cum-outlicensing agreement with Mylan the world's third-largest generic drug manufacturer, for marketing its generic broad-spectrum antibiotic ‘Meropenem’ in three European countries -- Denmark, Sweden and Finland — for five years,” Venus Remedies said in a statement.
At 1015 hours, a combined 2.2 million shares already changed hands against an average sub 2 million shares that were traded daily in past two weeks on NSE and BSE.
Since September 3, shares of pharmaceutical firm had rallied 36% from Rs 279 to Rs 379 till yesterday, after the company said it entered into an agreement with Israel-based generic drug maker Teva for selling an anti-cancer drug in Canada. The benchmark S&P BSE Sensex declined 1.2% during the same period.
On September 8, the company announced that it ties up with Mylan for marketing meropenem in three European countries.
“The company has entered into a distribution-cum-outlicensing agreement with Mylan the world's third-largest generic drug manufacturer, for marketing its generic broad-spectrum antibiotic ‘Meropenem’ in three European countries -- Denmark, Sweden and Finland — for five years,” Venus Remedies said in a statement.