Pfizer shares tumble 7 per cent as sale of Corex cough syrup stops

Mumbai: Shares of pharmaceutical firm Pfizer today slumped nearly 7 per cent as the company discontinued the manufacture and sale of popular cough syrup Corex with immediate effect.

The stock plunged 6.94 per cent to Rs 1,794 on BSE.At NSE, shares of the company tanked 6.85 per cent to Rs 1,796. Pfizer has discontinued manufacture and sale of Corex cough syrup with immediate effect after the government banned fixed dose combination of Chlopheniramine Maleate+Codeine Syrup.

"This is to inform you that the Government of India vide Notification... dated March 10, 2016... has prohibited the manufacture for sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup with immediate effect," Pfizer said in a BSE filing today.

In view of this, the company has discontinued the manufacture and sale of the drug with immediate effect, it said. "The above prohibition is likely to have an adverse impact on the revenue and profitability of the company. Corex recorded sale of Rs 176 crore for the nine month period ended December 31, 2015," the company said