Shares in domestic pharma company Glenmark dropped after report's that Merck's Indian unit, MSD, has filed a case against the company in the Delhi High Court for infringement of intellectual property rights.
The shares of the company were last trading at Rs 483, after touching a low of Rs 479 in trade today.
Most of the domestic pharma stocks continued to rally in trade following a Supreme Court verdict against MNC pharma company Novartis.
Glenmark is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity) with five molecules in various stages of clinical development.
The company has a significant presence in branded generics markets across emerging economies including India. Its subsidiary, Glenmark Generics Limited has a fast growing and robust US generics business.
The subsidiary also markets APIs to regulated and semi-regulated countries. Glenmark employs over 10,000 people in over 80 countries. It has thirteen manufacturing facilities in four countries and has five R&D centres.