Panacea Biotec tanks 6% after CARE downgrades firm

NEW DELHI: Shares of Panacea Biotec tanked nearly 6 per cent on Friday, after ratings firm CARE downgraded the firm to 'CARE D', ET NOW reported. According to the ratings firm site, instruments with CARE D rating are in default or are expected to be in default soon.

The company recently got USFDA nod for the generic version of Abraxane. The product is used for the treatment of Metastatic Breast cancer, non-small cell lung cancer and Adenocarcinoma of Pancreas.

Panacea Biotec is an Indian research-focused pharmaceutical and health management company involved in research, manufacturing and marketing of pharmaceutical formulations, vaccines, and natural products. It is among the top 15 pharmaceutical companies in its represented market in India.

Currently, the m-cap of the company stands at Rs 1,508.61 crore. At 1.36 pm, the stock was trading at Rs 246 apiece on BSE, down 3.92 per cent.