Shares of Glenmark Pharmaceuticals in intra-day trade on April 30, 2020 rallied a whopping 9% as it became the first company to receive the Drug Controller General of India (DCGI) approval for conducting trials of tablets for treatment against Covid 19 patients.
On both the stock exchanges it rallied to a high of Rs. 359 per share.
The company by itself developed the active pharmaceutical ingredients (API) as well as the formulations for the product and filed for the approval by the DGCI and received the regulators nod for conducting trial of the tablet on mild to moderate patients of the virus.
Favipiravir antiviral tablet has shown results against influenza viruses and has been approved in Japan for treating novel influenza virus infections, it added.
Last at 2:06 pm, the stock quoted higher by 4.16% or Rs. 13.7 at Rs. 343.40. The stock's 52-week high price is Rs. 653.60 per share.