February 9, 2018 / 5:03 AM / 4 months ago

BUZZ-India's Glenmark Pharmaceuticals hits 44-mth low on disappointing Q3 results

** Shares of Glenmark Pharmaceuticals Ltd drop as much as 9.6 pct to 524 rupees, lowest since May 28, 2014

** Stock posts biggest intraday pct loss since May 2017

** Pharma co posts 78 pct slump in Dec-qtr consol profit on Thursday

** Co reports disappointing Q3 performance, much lower than our estimates on the margin front - Macquarie

** Says no sequential improvement in U.S. sales and sharp sequential fall in reported EBITDA key negatives

** Macquarie rates stock with ‘outperform’, TP of 728 rupees

** Up to Thursday’s close, Glenmark Pharmaceuticals’ stock had declined 2.5 pct this year

** More than 2 mln shares change hands in early trade, 2 times the 30-day moving avg

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