Glenmark Life Sciences share price on Monday - stock falls 1.5% on BSE - second straight correction since listing on Friday

Glenmark Life Sciences Limited, which made its market debut on 6 August fell on Monday - its second trading day on the go. The stock fell by almost 5% on Monday on the intraday basis taking it to a low of Rs 713.85 before settling at Rs 736.90 at the end of today's trading session. It was down by almost Rs 11 or 1.5 per cent from the Friday closing price.

Glenmark Life shares had listed on the exchanges with a marginal gain of 4% at around Rs 750 per share on both BSE and NSE on Friday. However, the counter ended with minor losses on the first day of its trading session by near half a per cent to Rs 748 per share on Friday.

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The listing was exactly in line with Zee Business Managing Editor Anil Singhvi’s prediction that it would be neither bumper nor below the issue price. The price band was fixed at Rs 695-720 per share in the three-day IPO of Glenmark Life that began on July 27 and closed on July 29, 2021. 

On Friday, the stock had made a high of Rs 800 per share on BSE, while Rs 799 per share on the NSE.

The IPO of Glenmark Life was oversubscribed by 44.17 times on the final day of subscription and got bids for 66,33,24,160 shares against 1,50,18,279 shares offered, according to the exchanges data. 

Glenmark Life Sciences is a leading developer and manufacturer of select high-value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes.