Glenmark Pharma hits 44-month low after poor Q3

Last Updated: Fri, Feb 09, 2018 11:11 hrs
Glenn Saldanha, chairman and chief executive officer of Glenmark Pharmaceuticals Limited, listens to a question during the annual general meeting in Mumbai

Glenmark Pharma hit a 44-month low after announcing poor Q3 results on Thursdays.

The Pharma major's Q3 had fallen 78% to Rs 104.7 cror following a big downturn - 40.21% - in US sales.

"The overall performance was driven by our India, Europe, ROW (Rest of World) and API business. The US business continues to be very challenging. The India business rebounded and has shown good sales growth due to improvement in the overall demand environment," Glenmark Pharma chairman Glenn Saldanha had said in a statement.

Brokerage house Macquarie observed "The company reported disappointing Q3 performance, much lower than our estimates on the margin front."

On Friday, the stock dipped by as much as 9.6% to Rs 524 - its biggest low since May 28, 2014.

At 11:04 AM on BSE, the stock had recovered to Rs 539.05 - down 6.75% or Rs 37.70.

Reuters reported that Macquarie has rated Glenmark Pharma as 'outperform', and kept the target price for the stock at Rs 728.

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