 "Lincoln Pharma locked lower circuit for second day on product ban in Tanzania")
Lincoln Pharmaceuticals has locked in lower circuit for the second straight day, down 10% at Rs 161 on the BSE with no buyers were seen on the counter in otherwise strong market. The S&P BSE Sensex was up 1% at 24,454.
In past two trading sessions, the stock tanked 28% from Rs 224 on January 15, after drug firm said its highest selling Chloramphenicol Sodium Succinate injection has been banned in Tanzania and the company's registration has also been cancelled there.
Chloramphenicol Sodium Succinate Injection is an antibiotic used to treat serious bacterial infections.
“In this circumstance a huge quantity dispatched by the company to Tanzania has kept on hold there and authority has issued a notice to destroy the product. Which will create big impact of profit margin of the company,” Lincoln Pharmaceuticals said in a statement.
And due to the rejection of registration, a large number of raw materials and packaging material stock is piled up at factory, and this creates an addition to the loss amount, it added.
Till 02:16 p.m. a combined 324,042 shares changed hands and there were pending sell orders for 244,426 shares on the NSE and BSE.
The stock hit a record high of Rs 305 on the BSE in intra-day trade on January 1, 2016 and jumped an over four-fold from its 52-week low of Rs 73 on March last year.
In past two trading sessions, the stock tanked 28% from Rs 224 on January 15, after drug firm said its highest selling Chloramphenicol Sodium Succinate injection has been banned in Tanzania and the company's registration has also been cancelled there.
Chloramphenicol Sodium Succinate Injection is an antibiotic used to treat serious bacterial infections.
“In this circumstance a huge quantity dispatched by the company to Tanzania has kept on hold there and authority has issued a notice to destroy the product. Which will create big impact of profit margin of the company,” Lincoln Pharmaceuticals said in a statement.
And due to the rejection of registration, a large number of raw materials and packaging material stock is piled up at factory, and this creates an addition to the loss amount, it added.
Till 02:16 p.m. a combined 324,042 shares changed hands and there were pending sell orders for 244,426 shares on the NSE and BSE.
The stock hit a record high of Rs 305 on the BSE in intra-day trade on January 1, 2016 and jumped an over four-fold from its 52-week low of Rs 73 on March last year.
