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.
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