Glenmark shares plummet 16%; mcap dips by Rs 4,090 cr

Shares of Glenmark Pharma today crashed over 16 per cent, wiping out Rs 4,090.56 crore from its market valuation, after the company's March quarter earnings failed to enthuse investors as its profit on sequential basis fell sharply.
The stock nosedived 16.03 per cent to settle at Rs 759.35 on BSE. During the day, it tumbled 16.78 per cent to Rs 752.60.
On NSE, shares of the company plummeted 16.18 per cent to end at Rs 759.55.
Led by the sharp fall in the stock, the company's market valuation declined by Rs 4,090.56 crore to Rs 21,426.44 crore.
On the volume front, 15.38 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

"Post earnings Glenmark Pharma sank 16 per cent as growth in bottom-line fell on sequential basis," said Foram Parekh, Research Analyst, Bonanza Portfolio Ltd.

Glenmark Pharmaceuticals yesterday reported 23.5 per cent rise in consolidated net profit at Rs 183.76 crore for the fourth quarter ended March 31, 2016-17, mainly on account of robust sales in the US.
In comparison, it had posted a net profit of Rs 148.79 crore for the January-March period of 2015-16, Glenmark said in a filing to BSE.
However, on a sequential basis, its profit stood at Rs 475.9 crore in December quarter. Profit on sequential terms plunged over 61 per cent.

The company's revenue from operations rose to Rs 2,457.18 crore for the quarter under consideration as against Rs 2,306.67 crore for the same period a year ago.