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Abbott India share price gains 11% in three sessions after parent gets nod for Covid-19 test

Abbott India share price rose 11.30% or 1,589 points to Rs 15,639 till Wednesday against the close of Rs 14,050  on March 27, 2020

twitter-logo BusinessToday.In        Last Updated: April 2, 2020  | 13:51 IST
Abbott India share price gains 11% in three sessions after parent gets nod for Covid-19 test
Abbott India share has gained 115.53% during the last one year and risen 19.63% since the beginning of this year.

Abbott India share price has surged over 11% in last three trading sessions after its parent Abbott Laboratories announced on March 27 it launched molecular point-of-care test to detect Novel Coronavirus in as little as five minutes.  Abbott Laboratories said U.S. Food and Drug Administration (FDA) has issued Emergency Use Authorization (EUA) for the molecular point-of-care test for use almost anywhere.

Abbott said it plans to begin distributing the test next week and will ramp up manufacturing to 50,000 tests per day.

Reacting to the development, Abbott India share price rose 11.30% or 1,589 points to Rs 15,639 till Wednesday against the close of Rs 14,050  on March 27, 2020.

On Monday alone, the large cap stock closed 8.97% higher at Rs 15,400 on BSE.

Equity, forex, commodity markets shut on account of Ram Navami today

On the National Stock Exchange, the stock gained 8.72 per cent to close at Rs 15,380. In an otherwise subdued market, the stock rose 19.36 per cent to an intraday high of Rs 16,869.

The pharma stock has gained 115.53% during the last one year and risen 19.63% since the beginning of this year.

On NYSE, stock price of Abbott Lab rose up to  13% on Monday, the biggest intraday gain since 2002.

By Aseem Thapliyal

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