Mumbai, Aug 19 - Drug manufacturer Glenmark Pharma's scrip plummeted 17.4 percent in early trade Wednesday after the company informed the bourses that a new drug for lung diseases had failed in mid-stage trial.

The stock, which had closed at Rs.261.60 Tuesday, opened weak at Rs.244.70 and soon slipped to Rs.216, falling 17.43 percent. It, however, recovered slightly and was trading at Rs.228.90, around 1 p.m.

During the same time the 30-share sensitive index (Sensex) of the Bombay Stock Exchange was ruling about 1.84 percent down at 14,758.91 points.

Earlier, Glenmark in a statement to BSE had said that the drug, Oglemilast, being developed to treat patients with chronic obstructive pulmonary disease, had failed to show the desired results.