Glenmark Pharma share hits upper circuit of 35% post launch of first Indian Covid-19 drug

Shares of Glenmark Pharmaceuticals rose 35% on Monday after the Indian drugmaker said it has launched an antiviral drug Favipiravir for the treatment of mild to moderate covid-19 patients. Drug major Glenmark Pharmaceuticals has become the first Indian company to commercially launch an antiviral drug - Favipiravir with brand name FabiFlu - for the treatment of mild to moderate COVID-19 patients.

Glenmark Pharmaceuticals share price opened 10% higher at Rs 450 against previous close of 409.10 on BSE. Later, due to huge bidding for the share, the upper circuit of the stock was revised to 35%. At 11;36 am, the midcap stock was stuck in upper circuit of 35% at a price of Rs 552 on BSE.Glenmark Pharma share is trading higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The mid cap stock has lost 6% in last one year and fallen 35.38% since the beginning of this year.

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