This is the second time since July that the generic injectable manufacturer’s stock price has hit a 52-week-low. The stock has been in a downtrend since it reported June quarter earnings, where revenue declined 25.7 percent year-on-year.
Gland Pharma, which mostly caters to the lower end of the global injectable market, reported poor first-quarter results due to supply chain disruptions and increasing costs.
The Hyderabad-based pharma major has been in the news ever since the regulators in China asked lenders to check their financial exposure to Fosun Pharma. Speculations were rife in the market after the rating for Fosun Pharma was downgraded by rating firm Moody’s in August to B1 over concerns regarding liquidity, refinancing pressure, and exposure to the Chinese property market.
Fosun International, a Chinese multinational conglomerate, has diversified investments in insurance, hospitals, diagnostics, entertainment, and fashion entities. The Shanghai headquartered company, with 57.87 percent shares, is the majority stakeholder in Gland Pharma.
