Pfizer fell 7.70% to Rs 1,779.50 at 14:04 IST on BSE after the company announced that it has discontinued the manufacture and sale of its "Corex" cough syrup with immediate effect.
The announcement was made during trading hours today, 14 March 2016.Meanwhile, the BSE Sensex was up 94.60 points, or 0.38%, to 24,812.59 .
On BSE, so far 19,000 shares were traded in the counter, compared with an average volume of 2,485 shares in the past one quarter. The stock hit a high of Rs 1,890 and a low of Rs 1,774 so far during the day. The stock hit a record high of Rs 2,724 on 22 September 2015. The stock hit a 52-week low of Rs 1,715 on 29 February 2016. The stock had outperformed the market over the past one month till 11 March 2016, falling 6.80% compared with 7.70% rise in the Sensex. The scrip had alos underperformed the market in past one quarter, sliding 19.69% as against Sensex's 1.30% fall.
The mid-cap company has an equity capital of Rs 45.75 crore. Face value per share is Rs 10.
Pfizer said it took the decision after the Government of India prohibited the manufacture, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine syrup with immediate effect, citing health risk. The prohibition is likely to have an adverse impact on the revenue and profitability of the company. Corex recorded sales of Rs 176 crore for nine months period ended 31 December 2015.
Pfizer said that Corex has a well-established efficacy and safety profile in India for more than 30 years and Pfizer makes every effort to maintain the highest standards of regulatory and quality compliance in the manufacture and distribution of Corex cough syrup. The company said that it is exploring all available options at its disposal.
Net profit of Pfizer rose 119.60% to Rs 40.34 crore on 7.64% rise in net sales to Rs 500.06 crore in Q3 December 2015 over Q3 December 2014.
Pfizer is a leading biopharmaceutical company.
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