Glenmark Pharma falls 16%, records biggest intra-day fall in 7 years

The stock recorded its sharpest intra-day fall since August 19, 2009

Glenmark Pharmaceuticals dipped 16% to Rs 760 on BSE in early morning trade after the company missed its March-quarter earnings estimate. It reported a consolidated net profit of Rs 184 crore in March 2017 quarter (Q4FY17), below an average analysts estimate of Rs 548 crore. The company had profit of Rs 149 crore in the same quarter year ago.

The stock recorded its sharpest intra-day fall in more than seven years. Earlier, on August 19, 2009, it tanked 17.4% during intra-day trade.

Revenue from operations during the quarter under review increased by single digit 6.5% to Rs 2,457