 "Sun Pharma posts results below estimates; stock cracks 4%")
Drug maker Sun Pharma has dropped 4% to quote at Rs 778 on the BSE after the company posted results below Bloomberg estimates on both revenue and profit.
However, the company posted 92% jump in net profit in Q4 2016 on a y-o-y basis on the back of strong revenue growth. Also, net profit for the quarter stood at Rs 1,713 crore as compared to Rs 889 crore in same quarter previous year while revenue grew nearly 25% to Rs 7634 crore.
The company gained from sale of anti leukemia drug Gleevic for which it has 180 days exclusivity in the US market.
Sun Pharma has also proposed a buyback of shares and its board will meet on June 23 to evaluate the proposal.
The stock opened at Rs 798 and touched a low of Rs 776 on the BSE. A total of 322,920 shares changed hands on the BSE so far.
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