Cipla shares up over 2 per cent on bourses

MUMBAI: Defying the weak market sentiment, pharma major Cipla today notched up 2.46 per cent gain on BSE after the company slashed the prices of its generic drugs, used in treating cancers of brain, lung and kidney by up to 76 per cent.

Cipla shares were up 2.46 per cent at Rs 325.20 on the BSE. During the day, the stock jumped up by 3.65 per cent to Rs 329.

At the wide-based National Stock Exchange, the stock gained 2.85 per cent to settle at Rs 326.70.

Cipla was the best performing scrip amid the 30-Sensex blue-chips wherein 25 of its components ended in the negative territory.

The price of 'Soranib' used for treating kidney cancer has been cut by 76 per cent to Rs 1,710 "for a month's therapy", from Rs 6,990, Cipla had said.

The move comes on the back of the government permitting domestic firm Natco Pharma to manufacture and sell cancer treatment drug Nexavar at a price over 30 times lower than charged by its patent-holder Bayer Corporation.

Meanwhile, in the broader market, the BSE benchmark index Sensex finished the day 320.11 points lower at 16,831.08.