Nifty Pharma index hits 5-year low; Glenmark at 7-year low post Q1 results

Glenmark Pharmaceuticals plunged 9 per cent, while Dr Reddy's slipped 8 per cent in intra-day trade

Shares of pharmaceutical companies were under pressure during the morning trade on Wednesday with Nifty Pharma index hitting a 5-year low of 7,550, down nearly 4 per cent on the NSE. The pharma index fell below its previous low of 7,602 touched on June 6, 2014.

Among individual stocks, Glenmark Pharmaceuticals plunged 9 per cent intra-day to Rs 380 apiece, hitting an over 7-year low after its June quarter result missed analysts' expectations. The stock was quoting at its lowest level since August 2, 2012.

The pharma company reported a consolidated net profit at Rs 109 crore in Q1FY20 as