Shares of Glenmark Pharmaceuticals fell as much as 2.4 per cent to Rs 551.50, their lowest since June 8, on CCI penalty.

The Competition Commission has imposed a penalty totalling nearly Rs 47 crore on Glenmark Pharmaceuticals, its three officials, two other pharma companies and four Gujarat-based chemists’ associations for indulging in unfair business practices. Besides, a carry and forward (C&F) agent has been penalised.

All the entities have been fined for violating competition norms with regard to mandating no-objection certificates from the associations prior to appointing entities as stockists.

CCI has also directed the entities to "cease and desist" from indulging in "the practice of mandating NOC, which has been held to be anti-competitive".

Glenmark could not be immediately reached for comment. The stock had fallen 5 per cent this year as of last close compared to the Nifty Pharma index's 4.7 per cent fall.

(With inputs from Reuters)