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Glenmark Pharma hits 52-week low after weak result

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Shares of Glenmark Pharmaceuticals dropped sharply after the pharma company declared weak Q1 June 2019 result after market hours yesterday, 13 August 2019.

The stock was currently trading lower by 8.53% at Rs 381.45. The stock hit a 52-week low of Rs 379.65 in intraday trade today, 14 August 2019. It has corrected sharply from a 52-week high of Rs 711.55 on 10 September 2018.

On the BSE, 87,000 shares were traded in the counter so far compared with average daily volumes of 36,000 shares in the past two weeks.

Meanwhile, the S&P BSE Sensex was up 173 points or 0.47% to 37131.04.

Glenmark Pharmaceuticals' consolidated net profit fell 53.08% to Rs 109.31 crore on 7.24% rise in net sales to Rs 2283.60 crore in Q1 June 2019 over Q1 June 2018.

Glenn Saldanha, chairman & managing director, Glenmark Pharmaceuticals said that the overall performance was impacted due to moderate performance in the US and subdued performance in Latin America.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 14 2019. 10:28 IST