Glenmark Pharmaceuticals declines 13% in two days on profit booking

The stock has jumped 40 per cent in the intra-day trade on Monday after the firm received approval for Favipiravir's (Fabiflu), a potential Covid-19 drug, by the Drug Controller General of India

Shares of Glenmark Pharmaceuticals declined 7 per cent to Rs 459 in the intra-day trade on the BSE on Wednesday, having fallen 13 per cent in the past two trading days on profit booking.

On Monday, the stock of the drug maker had rallied 27 per cent to Rs 520 after the firm received approval for Favipiravir’s (Fabiflu), a potential Covid-19 drug, by the Drug Controller General of India (DGCI).

The approval of Favipiravir (emergency usage approval) is for mild to moderate patients. While this is a positive development for the company with short term benefits from Indian market besides additional opportunity