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Shares of Glenmark Pharmaceuticals were down nearly 2% at Rs 816 on talk that the Delhi High Court has restrained the company from manufacture and marketing of Zita, Zita-met which are dispensed for the treatment of diabetes.
"Division bench of Delhi high court has injuncted on March 20, 2015 Glenmark from manufacturing Zita and Zita- met. The injunction is not applicable for the products (zita and zita-met) which are already in market. The company is seeking legal advise on the next steps and will take appropriate action." the company said in a clarification to the stock exchange.
The stock opened at Rs 811 and touched a low of Rs 798. Until 11:50AM, over 600,000 shares were traded on both the stock exchanges.
