Sun Pharma Advanced Research Company (SPARC) fell 4.22% to Rs 164.70 after the company reported a net loss of Rs 83.49 crore in Q2 September 2020, higher than net loss of Rs 63.16 crore in Q2 September 2019.
Net sales during the quarter rose 2.6% year-on-year (YoY) to Rs 17.64 crore. Total expenditure in Q2 September 2020 rose 24.8% to Rs 100.01 crore from Rs 80.11 crore in Q2 September 2019.
"The company has a negative net worth as at 30 September 2020 and the current liabilities exceed current assets. The company, as per business plans, is in the process of evaluating various sources of raising funds for its operations. The company has also received a financial support letter from its parent company which is valid till time the company is able to raise funds from external sources," SPARC said.
SPARC is engaged in research and experimental development on natural sciences and engineering. The company operates through pharmaceuticals research and development segment.
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