India's Mangalam Drugs falls 23% in two sessions on loan defaults

Bank of Baroda

20/11/2025 08:51

** Shares of Mangalam Drugs MADR.NS fall about 23% in two sessions to 48.25 rupees

** Shares fall as much as 13% on the day, marking its steepest decline since March 3

** Pharma co said on Monday that it defaulted on loans worth 76.5 million rupees from Bank of Baroda BOB.NS and Bank of Maharashtra BMBK.NS

** Says business was impacted from now discontinued USAID as it primarily depends on funding provided to formulators for treatments like HIV and Malaria

** U.S. President Donald Trump has slashed the country's foreign aid budget, and shuttered USAID earlier this year which supported health, education and development worldwide

** Co says Bill Gate founded Global Fund's current reduced budget on these funding has slowed down the orders

** More than 340,000 shares traded 13x more that their 30-day avg

** YTD, MADR down 58%

 (Reporting by Urvi Dugar in Bengaluru)

 ((UrviManoj.Dugar@thomsonreuters.com;))