Strides Arcolab lost 1.19% to Rs 608.50 at 10:21 IST on BSE, with the stock sliding on profit booking after recent rally triggered by the company securing USFDA nod for a generic medicine.
Meanwhile, the S&P BSE Sensex was down 174.31 points or 0.68% at 25,405.90.
On BSE, so far 23,000 shares were traded in the counter as against average daily volume of 1.04 lakh shares in the past two weeks.
The stock hit a high of Rs 621.40 and a low of Rs 602.45 so far during the day.
Shares of Strides Arcolab had rallied 12.48% in two trading sessions to settle at Rs 615.80 on Monday, 9 June 2014, from Rs 547.45 on 5 June 2014, after the company during market hours on 6 June 2014 said it has received approval from the US Food & Drug Administration (USFDA) for Methoxsalen Capsules USP, 10 mg (Soft Gelatin Capsules).
According to IMS data, the US market for generic Methoxsalen Capsule is approximately $13.6 million, with no generic player, Strides Arcolab said in a statement. The product will be manufactured at the company's USFDA approved oral dosage facility at Bangalore and marketed directly by Strides in the US market, the company said.
Methoxsalen is a drug used to treat psoriasis, eczema, vitiligo and some cutaneous lymphomas conjunction with exposing the skin to UVA light from lamps or sunlight. Methoxsalen modifies the way skin cells receive the UVA radiation, clearing up the disease, Strides said.
Strides Arcolab reported a net loss of Rs 48.27 crore in the quarter ended 31 March 2014 as against net profit of Rs 31.57 crore in the quarter ended 31 March 2013. Net sales rose 50.2% to Rs 242.36 crore in the quarter ended 31 March 2014 over the quarter ended 31 March 2013.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore that develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 5 manufacturing facilities present in more than 75 countries in developed and emerging markets.
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