AstraZeneca Pharma tanks on reporting loss in Q4

Reported a net loss of Rs 33 crore in Q4FY12 agaisnt net profit of Rs 15 crore in the previous year quarter

AstraZeneca Pharma India has tanked 7% to Rs 1,655 after reporting a net loss of Rs 33 crore during the fourth quarter ended March 31, due to a voluntary recall of sterile products and higher employee cost. The pharmaceutical company had a net profit of Rs 15 crore in the corresponding quarter of previous year.

Net sales too, declined by 40% to Rs 92 crore on year-on-year basis, while employee cost surged 64% to Rs 58 crore during the recently concluded quarter.

Meanwhile, the company said its board of directors has recommended a dividend of Rs 3.50 per equity share of face value of Rs 2 each for the financial year ended March 31, 2012.

The stock opened at Rs 1,701 and hit a low of Rs 1,651 on the National Stock Exchange. A combined 25,064 shares have changed hands on the counter so far, against an average around 20,000 shares that were traded daily in past ten trading days on both the exchanges.