Glenmark in ill health

Glenmark is the top loser of the day currently, down almost 2.5%, at Rs.561, with an intra day low at Rs.552.

The stock price plunged after the company announced today morning that it has lost its appeal to invalidate Abbott Laboratories' Tarka (trandolapril/verapamil hydrochloride) patent in a US court.

The company said that the Court of Appeals for the Federal Circuit, USA, had affirmed the district court's decision on April 22 with regard to Glenmark's marketing of a generic equivalent of Tarka. The company has stated that it was "disappointed with the decision'' and was considering its options.

This ruling is sure to have adverse effect on the financials of the company as we could be looking at potential liability of $25 million.