Glenmark Pharma closes at 52-week low
DSIJ Intelligence / 15 May 2017
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Glenmark Pharmaceuticals plunged to its 52-week low, closing at Rs 713 intra-day on May 15, 2017, down by nearly 7 per cent on the BSE, continuing Friday’s slump of 16 per cent in the stock price.
Glenmark Pharmaceuticals plunged to its 52-week low, closing at Rs 713 intra-day on May 15, 2017, down by nearly 7 per cent on the BSE, continuing Friday’s slump of 16 per cent in the stock price.
The company’s stock price had started going down post the announcement of the its Q4 results, as the company reported lower than expected revenues.
A sharp decline in the company’s US base business, coupled with lower than expected gZetia sales have contributed to lower profits and negative sentiments for the stock in the market, according to industry experts.
The company had reported a rise in its net debt by Rs 450 crore in FY17, despite a 50 per cent growth in its US sales on a year-on-year basis.
However, the company has 65 pending approvals with limited competition, which can kindle some hope for the sulking investors.
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