Benchmark indices opened lower, tracking weakness in global peers. The 30-share BSE Sensex was down 526.26 points or 1.53 percent at 33,886.90, and the 50-share NSE Nifty fell 177.50 points or 1.68 percent to 10,399.40.
Glenmark Pharma shares tanked 9 percent after company's net profit dropped 78 percent to Rs 104.7 crore in the third quarter ended December – on plunging US sales, despite growth in domestic formulations and other geographies.
The company posted net profit of Rs 477.1 crore in the same period of previous year. The revenues declined 13.6 percent to Rs 2203.7 crore. A year ago it was Rs 2549.6 crore. On sequentially too, the net profit fell 51 percent.
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