Shares of Glenmark Pharmaceuticals fell over 5 percent after the Drug Controller General of India (DCGI) issued notices to the company seeking clarification regarding the false claim that its antiviral drug Fabiflu, is effective on COVID-19 patients with co-morbidities.

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The stock price declined as much as 5.10 percent in the early trade to Rs 408 on the BSE. At 9:40 am, the shares were trading 3.11 percent lower at Rs 416.60 apiece.

The DCGI had issued notices based on a representation by a Member of Parliament (MP), who complained about the cost of the drug and the false claims.

Glenmark initially fixed the price of the Fabiflu at Rs 103 per tablet, taking the overall cost of the 14-day regimen that includes 122 tablets to Rs 12,500. The company last week dropped the prices to Rs 75 per tablet that brought the cost down to Rs 9,150.

Fabiflu is the generic version of Favipiravir, which was approved by DCGI for treating mild COVID-19 patients in June.

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First Published:Jul 20, 2020 9:49 AM IST