Glenmark shares plummet 16%;  m-cap dips by  Rs 4,090 crore

Source: The Hitavada      Date: 13 May 2017 08:26:14


NEW DELHI,

May 12,

(PTI)

SHARES of Glenmark Pharma on Friday crashed over 16 per cent, wiping out Rs 4,090.56 crore from its market valuation, after the company’s March quarter earnings failed to enthuse investors as its profit on sequential basis fell sharply. The stock nosedived 16.03 per cent to settle at Rs 759.35 on the BSE.

During the day, it tumbled 16.78 per cent to Rs 752.60. On NSE, shares plummeted 16.18 per cent to end at Rs 759.55. Led by sharp fall in the stock, the company’s market valuation declined by Rs 4,090.56 crore to Rs 21,426.44 crore. On volume front, 15.38 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day.