Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Glenmark Slumps on Third-Quarter Earnings Drop: Mumbai Mover

Jan. 31 (Bloomberg) -- Glenmark Pharmaceuticals Ltd. fell the most in almost six months in Mumbai trading after the Indian drugmaker reported a 58 percent drop in third-quarter profit because of foreign exchange losses.

Glenmark tumbled as much as 7.6 percent, the biggest drop on an intraday basis since Aug. 5, before trading 7 percent lower at 290 rupees as of 12:19 p.m. local time. The stock was the biggest loser on the BSE200 Index.

Profit fell to 461.2 million rupees ($9 million) in the three months ended Dec. 31 after recording a loss of 1.02 billion rupees on foreign currency loans, the Mumbai-based company said yesterday. After adjusting for the one-time loss, operating income still fell as slower growth in India and the U.S. put pressure on profit margins and that will continue, brokerage Kotak Institutional Equities said today.

“We remain disappointed with its quality with high margin regions of India and U.S. not growing as per our expectations,” Kotak analyst Priti Arora wrote in a note to clients. She cut her rating on the stock to “reduce” from “add” and lowered her 12-month price target by 9.3 percent to 340 rupees.

Citigroup Inc. and Credit Suisse Group also cut their 2012 earnings estimates for Glenmark.

To contact the reporter on this story: Adi Narayan in Mumbai at

To contact the editor responsible for this story: Jason Gale at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.