28 Jan 2009, 1138 hrs IST, ET Bureau
Shares of Glenmark Pharmaceuticals plunged 28% on Wednesday as investors started to discount the bad results posted by the company for the third quarter.
The share touched a low of Rs134.25 and high of Rs 175 before slipping to Rs 134.60 at 11 am, down Rs 53.55 or 28.46%.
The drug firm had forecast net profit of $210 million on revenue of $673 million for the year to March 2009, including $69 million in outlicensing fees. For 2009/10, net profit was seen at $282 million on revenue of $932 million.
The company had forecast $69 million in milestone fees for the year to March 2009.
Glenmark Pharmaceuticals Ltd is unlikely to meet the milestone fee forecast for FY09, an official had said after the firm's quarterly net profit dropped a worse-than-expected 71 per cent.
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