Shares of Glenmark Pharmaceuticals Ltd has plunged more than 7 per cent due to profit booking. The stock had rallied over 27 per cent as the company launched anti-viral drug, Favipiravir, to treat mild-to-moderate levels of covid-19. The stock of Glenmark Pharmaceuticals traded at Rs 487.05, down 6.30 per cent from its previous close, while the benchmark index, Sensex rose 0.96 per cent to 35,246.24. Shares of Glenmark Pharma had surged 32.18 per cent to Rs 519.80 in four sessions till Monday, from its recent closing low of Rs 393.25.

The stock had jumped 27.06 per cent in a single trading session as the company announced the launch of antiviral drug Favipiravir, under the brand name FabiFlu. Priced at Rs 103 per tablet, the prescription-based drug will be available at a maximum retail price (MRP) of Rs 3,500 for a strip of 34 tablets. Glenmark said Favipiravir is also undergoing trials in other countries to test its efficacy as a drug to cure covid-19. The company added that the approval for Favipiravir in India was granted based on ‘evaluation of data’.

In another development on Monday, HSBC Pooled Asian Equity Fund sold 1,879,542 shares, or 0.67 per cent equity, in Glenmark Pharma at Rs 527.77 per share via bulk deal. HSBC Pooled Investment Fund through HSBC Pooled Asian Equity Fund held 3.29 per cent stake in the drug maker as on 31 March, 2020.

On a consolidated basis, the drug maker reported a 64 per cent rise in net profit to Rs 190.74 crore due to a 5.1 per cent increase in net sales to Rs 2,638.62 crore in the December quarter, over Q3FY19.

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COVID-19, Glenmark Pharmaceuticals Ltd,HSBC Pooled Asian Equity Fund,maximum retail price (MRP)