Panacea Biotec shares tank about 12% on disappointing earnings

Shares of drug firm Panacea Biotec today slumped nearly 12 per cent after the company reported a standalone net loss of Rs 36.90 crore for the quarter ended June 30.
The stock plunged 10.71 per cent to settle at Rs 140 on the BSE. In intra-day, it declined by 11.28 per cent to Rs 139.10.
At NSE, shares of the company dipped by 11.61 per cent to Rs 140.45 per scrip at close.
On the volume front, 1.19 lakh shares of the company changed hands at BSE and over two lakh shares were traded at NSE during the day.
The company had posted a net loss of Rs 23.54 crore during the corresponding period of the previous fiscal, Panacea Biotec said in a filing to BSE.

Standalone total income from operations of the company stood at Rs 124.84 crore during the quarter under consideration as against Rs 150.55 crore in the year-ago period.