Sun Pharma slips on 67% slump in net

The stock manged to recover partially and finally ended at Rs 1,145, down 3.5% from the previous close. Around 196,136 shares were traded on the BSE as compared to 51,719 shares traded on the BSE. The scrip dropped around 10% in a weeks time.
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(Updated at 1336hrs)

Sun Pharma has plunged 5.32% to Rs 1,125, triggered by a 67% slump in net profit for the first quarter ended June, 2009.

The stock touched a high of 1,188, after opening at Rs 1,185. The scrip slipped to a low of 1,118. The counter has witnessed trades of around 124,000 shares so far as against its two-week average traded quantity of 51,719 shares.

Sun Pharmaceutical Industries, India's largest drug maker on market capitalisation, registered a net profit of Rs 163.5 crore for the first quarter of 2009-10, compared with Rs 501.4 crore for the corresponding quarter last year.

Sun Pharmaceutical Industries’ US subsidiary Caraco Pharmaceutical faced trouble in the US as a law firm, Izard Nobel LLP initiated a lawsuit seeking class action status against the company in the United States District Court on behalf of its investors.The move triggered Sun Pharma to tumble 11.70% from July 23, 2009, the day after lawsuit was filed against Sun Pharma's US arm.