AstraZeneca Pharma India slumped 8.7% to Rs 3848 after the UK-based parent AstraZeneca PLC voluntarily paused a randomized clinical trial of its coronavirus vaccine after a volunteer developed an unexplained illness.
AstraZeneca PLC, which is developing the drug alongside the University of Oxford, is a frontrunner in the global race for a COVID-19 vaccine.The media reported that as part of the ongoing randomized, controlled global trials of the Oxford coronavirus vaccine, the company's standard review process was triggered and it voluntarily paused vaccination to allow review of safety data by an independent committee.
It was not immediately clear where the patient was, or the nature and severity of their illness. In the US, the company began enrolling 30,000 volunteers across dozens of sites on 31 August 2020.
Shares of AstraZeneca Pharma India have lost 16.14% in two trading sessions. The stock has surged 103.81% from its 52-week low of Rs 1,888 hit on 23 March 2020. It hit a 52-week high of Rs 4,970 on 8 September 2020.
AstraZeneca Pharma India's net profit fell 13.39% to Rs 18.63 crore on 5.3% decline in revenue to Rs 193.57 crore in Q1 June 2020 over Q1 June 2019.
AstraZeneca Pharma India is engaged in the discovery, development and commercialization of medicines for core areas of healthcare, including cardiovascular/metabolic disease, cancer and respiratory, inflammatory and autoimmune disease.
As of 30 June 2020, UK-based AstraZeneca Pharma holds 75% stake in AstraZeneca Pharma India.
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