Coal India, Lupin, Aurobindo Pharma, Wockhardt, RCom hit 52-week low
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Shares of pharmaceutical companies were under pressure with as many as seven stocks from the BSE500 index such as Lupin, Aurobindo Pharma, Divi’s Laboratories, Glenmark Pharmaceuticals, Indoco Remedies, Strides Shasun and Wockhardt hit their respective 52-week lows on the BSE in intra-day trade.
Besides these seven stocks, Coal India, Inox Wind, KPIT Technologies, Majesco, Reliance Communications (RCom), TV Today Network and Videocon Industries, total 14 stocks from the index trading at their 52-week lows on BSE.
Videocon Industries is locked lower circuit for the second straight day, down 20% at Rs 64.80 on back of heavy volumes. Till 09:58 am; a combined 184,086 shares have changed hands on the BSE and NSE. There were pending sell orders for 8.58 million shares on both the exchanges.
Videocon Industries, almost the entire promoters’ holding in the company—about 99.26%—was pledged, which has been the case for the past five quarters, the shareholding pattern data shows.
RCom hit a record low of Rs 27.25, down 8.6% on BSE in intra-day trade. The Credit Analysis & Research Limited (CARE) on May 19, had revised the long term facility rating from ‘CARE A-‘ to ‘CARE BB' and the short term facility rating from ‘CARE A2+ to ‘CARE A4', with credit watch with developing implications.
“CARE stated that the revision in the rating factors change in the competitive landscape of the telecom industry with the entry of the new operator, intense competition putting pressure on the sector profitability, and delay in the deleveraging exercise of the Company,” RCom said in a regulatory filing.
Aurobindo Pharma slipped 6.4% to Rs 539, extending it’s a month long fall, after the company’s formulations manufacturing facility at Bachupally in Hyderabad had received Form 483 with six observations.
The US Food and Drug Administration (FDA) had issued the observation letter after conducting an inspection at unit-III during April 10-18, 2017.
"At the end of the inspection, we have been issued a Form 483 with 6 observations. The observations are all on procedural improvements. None of them are related to data integrity. The company will be responding as per the prescribed time lines," Aurobindo Pharma on April 19, said in BSE filing.
Meanwhile, the S&P BSE Healthcare index has dipped nearly 3% or 429 points to 14,184 after a sharp fall in pharmaceutical stocks.
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