Abbott India up 19% as parent firm gets US FDA nod for rapid COVID-19 test

Abbott India is a subsidiary of Abbott Laboratories of USA
Shares of Abbott India surged 19 per cent to hit a new high of Rs 16,869 on the BSE on Monday in an otherwise weak market on report that Abbott Laboratories, USA,  the ulitmate holding company, has received the approval to launch 5-minute coronavirus (COVID-19) test for use almost anywhere. Abbott India is a subsidiary of Abbott Laboratories of USA.

According to a Bloomberg report, Abbott Laboratories is unveiling a COVID-19 test that can tell if someone is infected in as little as five minutes, and is so small and portable it can be used in almost any health-care setting.

Abbott has received emergency use authorisation from the US Food and Drug Administration “for use by authorised laboratories and patient care settings,” the company said on Friday. CLICK HERE TO READ FULL REPORT

At 09:56 am, Abbott India's stock was trading 10 per cent higher at Rs 15,480 on the BSE, as compared to 1.8 per cent decline in the S&P BSE Sensex. A combined 34,770 equity shares have changed hands on the counter on the NSE and BSE so far.

In the past one year, the stock has zoomed 112 per cent against 24 per cent decline in the benchmark index.

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