Glenmark Pharmaceuticals falls after USFDA issues warning letter to Monroe facility
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Glenmark Pharmaceuticals is currently trading at Rs. 625.05, down by 17.65 points or 2.75% from its previous closing of Rs. 642.70 on the BSE.
The scrip opened at Rs. 637.10 and has touched a high and low of Rs. 641.00 and Rs. 622.05 respectively. So far 24274 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 682.00 on 08-Jun-2023 and a 52 week low of Rs. 351.40 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 654.15 and Rs. 622.05 respectively. The current market cap of the company is Rs. 17776.59 crore.
The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 32.90% and 20.45% respectively.
United States Food & Drug Administration (USFDA) has issued warning letter to Glenmark Pharmaceuticals’ Monroe, North Carolina (USA) facility. The Company had done a voluntary recall of all its products from this site in August 2021 and since then has not been commercializing any product from this site. Hence, the warning letter will have no impact on the existing revenues.
The company continues to cooperate with the USFDA and is committed to undertake all necessary steps required to address their observations at the earliest. The Company is committed to maintaining the highest quality and compliant manufacturing standards at all of its facilities across the globe. The USFDA had conducted the inspection at said facility between April 04 to May 19, 2022.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.
