Shares of AstraZeneca Pharma India fell over 3 percent on November 10 following reports that the parent firm's COVID-19 vaccine faces a legal challenge in the UK, overshadowing the company's robust September quarter performance.
The pharma company reported a 60.8 percent on-year growth in profit at Rs 52.4 crore, driven by exceptional gain and a higher topline. Revenue increased 31.7 percent to Rs 311 crore.
Along with Q2 earnings, the board also approved the appointment of Hooi-Bien Chuah as an Additional Director (Non-Executive) of the company with effect from November 9, 2023. She has been Asia Area Legal Director for AstraZeneca since April 2021.
At 10,10 am, the stock was trading at Rs 4,756.40 on the National Stock Exchange, down 3.11 percent from the previous close. So far in 2023, the stock has rallied nearly 42 percent.
Follow our market blog to catch all the live action
The stock slipped amid reports of the Oxford-AstraZeneca COVID-19 vaccine, known as Vaxzevria in Europe and licensed as Covishield in India, facing a legal challenge in the High Court in London.
The UK-based pharmaceutical giant AstraZeneca might face more claims on the outcome of test cases around the condition identified by specialists as Vaccine Induced Immune Thrombocytopenia and Thrombosis (VITT). This condition is believed to be related to the side effects of the COVID jab.
AstraZeneca has stressed that patient safety is its "highest priority" and pointed out that regulators around the world consistently stated that the benefits of vaccination outweigh the risks of extremely rare potential side effects.
Also Read | Oxford-AstraZeneca COVID vaccine faces legal challenge in UK
AstraZeneca Pharma India is a listed subsidiary of AstraZeneca Plc, UK. It covers the manufacturing, sales and marketing activities of the company in India.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
