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This is an archive article published on January 17, 2011

Glenmark Pharma stock plummets 4%

Glenmark Pharmaceuticals stock was lower after it lost a patent case to Abbott Laboratories.

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Shares of Glenmark Pharmaceuticals were lower on reports over the weekend that the company has lost a patent case against U.S. firm Abbott Laboratories over hypertension drug Tarka.

Subsequently,it will pay $16 million in damages to the U.S. firm,two dealers said.

At 9.25 a.m.,shares of the company were down 4.13 percent at 333.50 rupees.

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