Piramal Pharma hits 52-week low; slips 9% in six days

The drug maker declined 2.28% to Rs 73, extending losses for sixth consecutive trading session.

Shares of the pharma company lost 8.70% in six trading sessions from its recent closing high of Rs 79.96 on 1 March 2023.

On the BSE, 2.90 lakh shares were traded in the counter so far compared with average daily volumes of 2.22 shares in the past two weeks.

The stock hit a 52-week high of Rs 201.80 on 19 October 2022. The stock hit a 52-week low of Rs 72.55 today.

In the past one month, the stock underperformed, declining 17.61% while the benchmark Sensex has lost 2.7% during the same period.

The scrip had underperformed the market in past three months, sliding 44.59% as against Sensex's 5.04% decline.

On the technical front, the stock's daily RSI (relative strength index) stood at 18.017. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading below its 50-day and 100-day simple moving average (SMA) placed at 99.43 and 119.32 respectively. These levels will act as crucial resistance zones in near term.

Piramal Pharma is a pharmaceutical company that manufactures and develops a wide range of pharmaceutical solutions to reduce diseases. Piramal Pharma serves customers worldwide.

Piramal Pharma (PPL) reported consolidated net loss of Rs 90 crore in Q3 December 2022 as against a net profit of Rs 163.37 crore in the year-ago period. Revenue from operations rose by 11% year-on-year to Rs 1,716 crore in Q3 FY23 from Rs 1,539 crore in the year-ago period.

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