Gland Pharma: The selling by Morgan Stanley was seen amid a two-day selloff in shares of Gland Pharma where the scrip has lost one-third of its market value following a disappointing quarterly results. The buyer could not be ascertained.
Gland Pharma shares rose 9.56 per cent to hit a high of Rs 979 on BSE. The stock fell 16.56 per cent to settle at Rs 893.50 on Monday. This was in addition to 20 per cent drop in Gland Pharma shares on Friday.
Gland Pharma share price: The counter's 14-day relative strength index (RSI) came at 16.61. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 22.73. It has a price-to-book (P/B) value of 2.22.
Shares of Gland Pharma hit a low of Rs 923 on BSE, down 13.40 per cent. The stock had fallen 20 per cent in the previous session. The two-day fall stood at 31.04 per cent.
The drugmaker reported a 72 per cent YoY drop in net profit to Rs 79 crore in Q4FY23 due to a production shutdown at one of its facilities in Telangana and soft demand.