You are here: Home » Markets » News
Business Standard

Pfizer dips after ban on Corex cough syrup in India

The stock dipped 5% to Rs 1,827 on the BSE.


SI Reporter  |  Mumbai 

Pfizer dips after ban on Corex cough syrup in India

Shares of have dipped 5% to Rs 1,827 on the BSE, after the company announced that it has discontinued the manufacturing and sale of its popular drug “Corex”.

“The Government of India has prohibited the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup with immediate effect,” said in a statement.

The prohibition on Corex is likely to have an adverse impact on revenue and profitability of the company. Corex recorded a sale of Rs 176 crore for the nine months period ended December 2015, the company said.

Corex has a well-established efficacy and safety profile in India for more than 30 years and makes every effort to maintain the highest standards of regulatory and quality compliance in the manufacturing and distribution of Corex Cough Syrup. The company is exploring all possible options at its disposal, it added.

Till 10:44 AM, a combined 44,635 shares changed hands on the counter on the BSE and NSE so far.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, March 14 2016. 10:51 IST