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

About this update from Mangalam Drugs & Organics Ltd.

** Shares of Mangalam Drugs NSE:MANGALAM 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 NSE:BANKBARODA and Bank of Maharashtra NSE:MAHABANK ** 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%

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