Glenmark Pharma shares fall nearly 10%, hit 52-week low after Q3 earnings report
The stock dropped 9.31% to its 52-week low of Rs 524.20 on BSE, after it reported its net profit fell 78% to Rs 104.7 crore for the quarter ended December.business Updated: Feb 09, 2018 13:18 IST
Shares of Glenmark Pharmaceuticals on Friday slumped nearly 10% a day after the company reported a 78% fall in net profit for the quarter ended December.
The stock dropped 9.31% to its 52-week low of Rs 524.20 on BSE.
On the National Stock Exchange (NSE), shares of the company plunged 9.59% to hit a one-year low of Rs 524.
Glenmark Pharmaceuticals on Thursday said its net profit fell 78% to Rs 104.7 crore for the quarter ended December on sharp decline in US sales, despite growth in domestic formulations as well as other geographies.
The company had reported a net profit of Rs 477.10 crore in the corresponding quarter of the previous year.
Glenmark’s consolidated revenue also declined by 13.07% to Rs 2,203.66 crore for the third quarter ended December 31, against Rs 2,535 crore a year ago.