Cadila Healthcare shares fall to 52-week low on DCGI nod to rival's Covid-19 vaccine

Cadila Healthcare stock fell to its 52-week low today after the Drugs Controller General of India (DCGI) cleared the COVID-19 vaccine of competitor Biological E against the company's own vaccine ZyCoV-D.

Cadila Healthcare share hit a fresh low of Rs 355.7, falling 4.17% against the previous close of Rs 371.10 on BSE. Cadila Healthcare share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has lost 16.21% in one year and fallen 24.9% since the beginning of this year. In a month, the stock is down 11.47%. Market cap of the firm fell to Rs 37,177 crore. The share has gained 86.39% in one year and risen 1.67% since the beginning of this year.

Total 0.82 lakh shares of the firm changed hands amounting to a turnover of Rs 2.97 crore. The share hit a 52 week high of Rs 673.30 on May 12, 2021.

Biological E on February 21 said that it has received emergency use approval from DCGI for use of its Corbevax on children of 12-18 years age based on interim results of the ongoing phase 2 and phase 3 trials. Earlier, Cadila Healthcare and Bharat Biotech's Covaxin had received the regulator's emergency approval for use on young adults.

On August 20, 2021, Zydus Cadila's three-dose Covid vaccine ZyCoV-D received DCGI approval for emergency use authorization in both adults and children over 12 years. It was the only needle-free Covid vaccine in the world that time.

However, according to reports, Zydus Cadila's ZyCoV-D vaccine - approved last year is yet to be rolled out in the vaccination drive.