Glenmark shares plunge 16% on Q4 disappointment

The company reported lower than expected profit, guides for 12-15 sales growth in FY18

Glenmark Pharmaceuticals stocks fell 16 per cent, its biggest single-day fall in eight years, on Friday after a weak March quarter result. The stock closed at Rs 759.35, shedding 145 points.

The Street had high expectations after the launch of multi-billion cholesterol drug Zetia generic on a six-month exclusivity during the December quarter. 

The drug was expected to generate $200-250 million of sales during the exclusivity period itself. 

The stock had then seen an all-time high of Rs 993 on December 1. However, US sales declined sequentially in the March quarter. Also, the company was unable to reduce its Rs