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

Abbott India’s shares jumped 19% to reach a new high of 16,869 rupees on BSE in an otherwise weak market on Monday, according to which Abbott Laboratories, USA, the holding company ulitmate, has received clearance from run a 5-minute coronavirus (COVID-19) test for use almost anywhere. Abbott India is a subsidiary of Abbott Laboratories in the United States.

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

Abbott has received emergency use authorization from the United States Food and Drug Administration “for use by licensed laboratories and patient care facilities,” the company said on Friday. CLICK HERE TO READ THE FULL REPORT

At 9:56 a.m., Abbott India shares were trading 10% more at Rs 15,480 on BSE, compared to 1.8% decline for S&P BSE Sensex. So far, 34,770 shares have changed hands on the counter of the NSE and the BSE.

Over the past year, the stock zoomed 112% against a 24% drop in the benchmark.

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