P&G Hygiene drops as it stops selling OTC drug Vicks Action 500 Extra

Procter & Gamble Hygiene and Health Care fell 1.68% to Rs 6,025 at 12:33 IST on BSE after the government prohibited manufacturing, selling and distributing fixed dose combination drugs with immediate effect.

The announcement was made before trading hours today, 15 March 2016.

Meanwhile, the S&P BSE Sensex was down 166.27 points or 0.67% at 24,638.01

On BSE, so far 544 shares were traded in the counter as against average daily volume of 3,978 shares in the past one quarter. The stock hit a high of Rs 6,120 and a low of Rs 5,999 so far during the day. The stock had hit a record high of Rs 7,435 on 17 March 2015. The stock had hit a 52-week low of Rs 5,171 on 18 January 2016. The stock had underperformed the market over the past one month till 14 March 2016, rising 4.58% compared with the Sensex's 7.91% rise. The stock, however, outperformed the market in past one quarter, gaining 8.54% as against Sensex's 1.38% fall.

The mid-cap company has an equity capital of Rs 32.46 crore. Face value per share is Rs 10.

Procter & Gamble Hygiene and Health Care said that the Government of India vide its gazette notification on 10 March 2016 prohibited manufacturing, selling and distributing fixed dose combination drugs (Paracetamol + Phenylephrine + Caffeine) with immediate effect. The company's product Vicks Action 500 Extra has the same fixed dose combination and gets covered under the notification, Procter & Gamble Hygiene and Health Care said. Accordingly, the company has discontinued manufacture and sale of all SKUs of Vicks Actions 500 Extra with immediate effect, it said. All products, including Vicks Action 500 Extra, are backed by research to support quality, safety and efficacy, it added.

Procter & Gamble Hygiene and Health Care's net profit jumped 61.81% to Rs 146.70 crore on 10.7% rise in total income to Rs 734.29 crore in Q2 December 2015 over Q2 December 2014.

Procter & Gamble Hygiene and Health Care is one of the fastest growing FMCG companies in India.

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