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Last Updated : May 13, 2019 11:10 AM IST | Source: Moneycontrol.com

Cadila Healthcare hits 52-week low after CLSA downgrades to sell, target cuts

CLSA cut FY20-21 EPS estimates by 19-24% and concerned about the potential product contamination issues.

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Cadila Healthcare touched 52-week low of Rs 274.40, falling over 5 percent intraday Monday after broking firm CLSA downgraded the stocks to sell from buy.

CLSA has downgraded the stock to sell rating from buy and cut target to Rs 250 from Rs 430 per share.

The Moraiya plant observations are worrying and expect approval delays, said CLSA.

It has cut FY20-21 EPS estimates by 19-24% and concerned about the potential product contamination issues.

It Moraiya facility forms 45-50% of US sales & 1/3rd of 100+ ANDAs pending approval, it added.

At 11:00 hrs Cadila Healthcare was quoting at Rs 281, down Rs 8.70, or 3 percent on the BSE.

The share price declined 29 percent in the last 1 year.

Zydus Cadila has received the final approval from the USFDA to market Chlorthalidone TabletsUSP, 25 mg and 50 mg. Chlorthalidone is used to treat high blood pressure (hypertension). It is also used to treat fluid retention (edema) in people with congestive heart failure, cirrhosis of the liver or kidney disorders or edema caused by taking steroids or estrogen.

It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.

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First Published on May 13, 2019 11:07 am
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