Glenmark Pharmaceuticals fell 3.22% to Rs 1,088.40 at 14:50 IST on BSE on reports a foreign brokerage maintained its underperform rating on the stock.
Meanwhile, the BSE Sensex was down 138.48 points, or 0.54%, to 25,557.96.
On BSE, so far 88,000 shares were traded in the counter, compared with an average volume of 98,996 shares in the past one quarter.
The stock hit a high of Rs 1,135.35 and a low of Rs 1,085.45 so far during the day. The stock hit a record high of Rs 1,261.95 on 21 August 2015. The stock hit a 52-week low of Rs 677.85 on 26 September 2014.
The stock had outperformed the market over the past one month till 1 September 2015, rising 11.37% compared with 8.60% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.99% as against Sensex's 7.73% decline.
The large-cap company has an equity capital of Rs 28.22 crore. Face value per share is Re 1.
According to reports, the foreign brokerage has maintained its underperform rating on the Glenmark Pharmaceuticals stock as potential currency devaluation in Venezuela could hurt the drug maker's profit meaningfully. The brokerage expects a 20% degrowth in Glenmark Pharmaceuticals' financial year ending March 2017 (FY 2017) earnings per share as it continues to see underappreciating Venezuela risk for the company.
On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 3.6% to Rs 178.27 crore on 10.9% increase in total income to Rs 1653.11 crore in Q1 June 2015 over Q1 June 2014.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of inflammation and pain management. The company has a significant presence in branded generics markets across emerging economies including India. The company along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers.
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