Pfizer stock falls 5% on offer to supply Covid-19 vaccine to India at not-for-profit price

dPfizer Ltd share fell over 5% intra day in Thursday's trade after the pharma firm said it has offered Indian government a not-for-profit price for vaccine for its immunisation programme.  The healthcare stock surged 3.64% intra day to Rs 5,680 on BSE.

After reports said that the pharma firm has offered its vaccine at not-for-profit price, the stock fell 5.53% intra day to Rs 5,177.5 on BSE.  It closed 4.77% lower at Rs 5,219 on BSE.

Earlier, the share opened with a gain of 2% at Rs 5,590 on BSE.

The stock has fallen after 5 days of consecutive gain. Pfizer share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 25% in one year and risen 2.18% since the beginning of this year.

In December 2020, Pfizer India became the first pharmaceutical firm to seek from the Drugs Controller General of India (DCGI) an emergency use authorisation for its COVID-19 vaccine in the country, after its parent company secured such clearance in the UK and Bahrain.

However, in February 2021, Pfizer said it has decided to withdraw its application for Emergency Use Authorisation (EUA) of its COVID-19 vaccine in India.

Pharma stocks scale fresh highs amid record rise in Covid-19 cases