Glenmark Pharma falls for second straight day; stock down 8% in 2 days

With the past two day's decline, the share price of Glenmark Pharma has corrected 25 per cent from its 52-week high of Rs 573 touched on June 22, 2020.

Shares of Glenmark Pharmaceuticals were trading lower for the second straight day, down 5 per cent at Rs 428 on the BSE on Wednesday amid reports that the company has been charged with manipulating the prices of generic drugs sold in the US.

According to a Reuters report, Glenmark Pharmaceuticals USA was charged on Tuesday with conspiring to fix prices for generic drugs, the US Justice Department said in a statement.

Glenmark allegedly conspired with pharmaceutical maker Apotex Corp and other generic drug companies to increase the prices of cholesterol medication pravastatin and other generic drugs, Reuters reported quoting the