On BSE, Dishman Pharma stocks closed 14.08% down at Rs 325 and 14.04 per cent down on NSE at Rs 324.45 Dishman Pharma, thereby marking its biggest single-day percentage fall since August 24. (Reuters)
Shares of drugmaker Dishman Pharmaceuticals and Chemicals fell as much as 16.14 per cent on the BSE after the US Food and Drug Administration (USFDA) on Monday asked the company for more data on US firm Clovis Oncology Inc’s lung cancer drug, Rociletinib. Traders thought Dishman was supplying active ingredient for Rociletinib.
On BSE, Dishman Pharma stocks closed 14.08 per cent down at Rs 325 and on NSE, the scrip plunged 15.22 per cent to Rs 320. Shares of the the pharma major posted their biggest single-day fall since August 24. The share price of Dishman Pharma declined 18.32 per cent on the August 24.
According to Harshil Dalal, vice president of finance at Dishman, the company supplied active ingredient for Rociletinib to Clovis only for clinical testing.
Stating that the market overreacted to USFDA’s awaited approval, he said, “Dishman does not expect any revenue from Rociletinib in fiscal 2016 or 2017”.
“Dishman expects fiscal 2016 total sales to grow about 10 pct from fiscal 2015”, he added.
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