Cipla shares fell as much as 4.4 per cent to hit intraday low of Rs 587.70 on Tuesday after the global pharma major Mylan launched generic MDI combination inhaler in United Kingdom on Monday.
Mylan launched generic MDI combination inhaler. The product is deemed bioequivalent to GSK's Seretide inhaler and this is the first generic version of GSK's Seretide Evohaler in UK.
Cipla had launched this product in in certain EU (non-UK) territories in 2014. However, the market participants had expected Cipla to be the first company to launch its product in United Kingdom. The launch of first generic version by Mylan is negative for Cipla, analysts said.
Meanwhile, Cipla's product is filed and awaiting approval from the authorities in UK.
Shares in Cipla ended 3.7 per cent lower at Rs 592.
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