GlaxoSmithKline Pharma plunges 13% on net loss of Rs 661 crore in Q3

The company reported a consolidated net loss of Rs 661 crore for the quarter, mainly on account of financial impact related to the voluntary recall of Zinetac

Shares of GlaxoSmithKline Pharmaceuticals tanked 13 per cent to Rs 1,429 on the BSE on Tuesday after the company reported a consolidated net loss of Rs 661 crore for the December 2019 quarter, mainly on account of financial impact related to the voluntary recall of Zinetac. The drug firm had posted a net profit of Rs 114 crore in the year-ago quarter.

The company’s consolidated profit before exceptional items and tax (PBEIT) declined 15.5 per cent year on year (y-o-y) to Rs 120 crore against Rs 142 crore in the corresponding period of the previous financial year, GlaxoSmithKline Pharma