Shares of Glenmark Pharmaceuticals today lost 4.51% after the Delhi high court barred it from making, marketing or selling its anti-diabetes medicines.
On March 20, the court barred Glenmark from making, marketing or selling anti-diabetes medicines on the ground that it had "prima facie" infringed the patent of US drug major Merck Sharp and Dohme (MSD).
Reacting to the development, shares of the company today opened on a bearish note at Rs 811.10, then fell 4.92% to touch an intra-day low of Rs 790. At the end of today's trading session the stock closed at Rs 793.45, down 4.51% on the BSE.
Accordingly, Glenmark's market capitalisation declined by Rs 1,015.15 crore to Rs 21,525.87 crore.
In a regulatory filing today the company said that the "division bench of Delhi high court has injuncted today Glenmark from manufacturing Zita and Zita-met." However, the injunction is not applicable for the products (zita and zita-met) which are already in market.
It further said that "the company is seeking legal advise on the next steps and will take appropriate action."
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