Glenmark Pharma share price surged 27 percent, hitting upper circuit of Rs 572.70 per share on the BSE, after the pharma company said it received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections in the country.
The stock, which has surged over 153 percent in the last three months, ended at Rs 519.80, up Rs 110.70, or 27.06 percent. It has touched a 52-week high of Rs 572.70.
It traded with volumes of 4,632,815 shares, compared to its five day average of 175,549 shares, an increase of 2,539.04 percent.
The Mumbai-based company said the Drugs Controller General of India's approval was part of India's accelerated approval process and the drug was meant for "restricted emergency use", meaning patients must sign their consent before being treated by the drug.
Favipiravir is also undergoing trials in other countries to test its efficacy as a COVID-19 treatment.
The approval for favipiravir in India, which Glenmark plans to sell as FabiFlu, was granted based on "evaluation of data", the company said in a brief statement to stock exchanges.
Glenmark began a late-stage trial of favipiravir on COVID-19 patients in May. It is also separately testing a combination of favipiravir and umifenovir, another anti-viral drug, as a potential COVID-19 treatment.
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