Glenmark Pharma shares dive 10% after Q3 earnings

Shares of Glenmark Pharmaceuticals today slumped nearly 10 per cent a day after the company reported a 78 per cent fall in net profit for the quarter ended December.

The stock dropped 9.31 per cent to its 52-week low of Rs 524.20 on BSE. On NSE, shares of the company plunged 9.59 per cent to hit a one-year low of Rs 524.

Glenmark Pharmaceuticals yesterday said its net profit dropped 78 per cent 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 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 per cent to Rs 2,203.66 crore for the third quarter ended December 31, against Rs 2,535 crore a year ago.