With the fall in share price, the total market cap of the company fell by Rs. 821.63 cr to Rs. 8,208.97 crore at 1:48 pm.
Shares of Pfizer Ltd, the Indian arm of US pharmaceutical major Pfizer Inc, crashed 7.02% to Rs. 1,792.45 on BSE after the company today announced that it has discontinued the manufacture and sales of its codeine-based cough syrup Corex, which is one of largest selling drugs in India.
With the fall in share price, the total market cap of the company fell by Rs. 821.63 cr to Rs. 8,208.97 crore at 1:48 pm.
On March 10, 2016, the government banned nearly 300 drugs in India, which are sold illegally and Corex is one of them.
According to the company’s 2014 annual report, Corex had a market share of 41% in its respective segment with a MAT Value of Rs. 315 crore. The brand had ranked 1st among 94 competitors.
The company declined to comment on queries sent by IIFL.
“We have discontinued the manufacture and sale of Corex with immediate effect. 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 manufacturing and distribution of Corex Cough Syrup,” said the company in a regulatory filing.
Corex recorded a sale of Rs. 176 crore for the nine months period ended December 31, 2015.
The scrip opened at Rs. 1890 and has touched a high and low of Rs. 1890 and Rs. 1787 respectively. So far 110125(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 8819.48 crore.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2724 on 22-Sep-2015 and a 52 week low of Rs. 1715 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 1945 and Rs. 1880 respectively.
The promoters holding in the company stood at 63.92 % while Institutions and Non-Institutions held 12.86 % and 23.22 % respectively.
The stock is currently trading above its 200 DMA.
Shares of Pfizer Ltd, the Indian arm of US pharmaceutical major Pfizer Inc, crashed 7.02% to Rs. 1,792.45 on BSE after the company today announced that it has discontinued the manufacture and sales of its codeine-based cough syrup Corex, which is one of largest selling drugs in India.With the fall in share price, the total market cap of the company fell by Rs. 821.63 cr to Rs. 8,208.97 crore at 1:48 pm.
On March 10, 2016, the government banned nearly 300 drugs in India, which are sold illegally and Corex is one of them.
According to the company’s 2014 annual report, Corex had a market share of 41% in its respective segment with a MAT Value of Rs. 315 crore. The brand had ranked 1st among 94 competitors.
The company declined to comment on queries sent by IIFL.
“We have discontinued the manufacture and sale of Corex with immediate effect. 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 manufacturing and distribution of Corex Cough Syrup,” said the company in a regulatory filing.
Corex recorded a sale of Rs. 176 crore for the nine months period ended December 31, 2015.
The scrip opened at Rs. 1890 and has touched a high and low of Rs. 1890 and Rs. 1787 respectively. So far 110125(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 8819.48 crore.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2724 on 22-Sep-2015 and a 52 week low of Rs. 1715 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 1945 and Rs. 1880 respectively.
The promoters holding in the company stood at 63.92 % while Institutions and Non-Institutions held 12.86 % and 23.22 % respectively.
The stock is currently trading above its 200 DMA.
No comments:
Post a Comment