Sun Pharma declines after subsidiary gets summons from US antitrust division

Sun Pharmaceutical Industries declined 0.83% to Rs 818.65 at 10:50 IST on BSE after the company announced that one of the company's US subsidiaries received a grand jury subpoena from the United States Department of Justice, Antitrust Division.

The announcement was made after market hours on Friday, 27 May 2016.

Meanwhile, the S&P BSE Sensex was up 19.82 points or 0.07% at 26,673.42.ss

On BSE, so far 1.54 lakh shares were traded in the counter as against average daily volume of 7.51 lakh shares in the past one quarter. The stock hit a high of Rs 842.05 and a low of Rs 815.45 so far during the day. The stock had hit a 52-week high of Rs 979.25 on 28 May 2015. The stock had hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had underperformed the market over the past one month till 27 May 2016, gaining 1.43% compared with Sensex's 2.26% gains. The scrip had also underperformed the market in past one quarter, sliding 5.23% as against Sensex's 15.11% gains.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Rs 1.

Sun Pharmaceutical Industries announced that one of the company's US subsidiaries Sun Pharmaceutical Industries, Inc (SPII) has received a grand jury subpoena from the United States Department of Justice, Antitrust Division seeking documents from SPII and its affiliates relating to corporate and employee records, generic pharmaceutical products and pricing, communications with competitors and others regarding the sale of generic pharmaceutical products, and certain other related matters. SPII is currently responding to the subpoena, Sun Pharma said. Sun Pharma said it is of the opinion that the outcome of the referred enquiry is unlikely to have any material adverse impact on the consolidated operations or consolidated financial results of the company.

Sun Pharmaceutical Industries' consolidated net profit jumped 258.3% to Rs 1416.60 crore on 2.3% rise in net sales to Rs 7046.57 crore in Q3 December 2015 over Q3 December 2014. The company is scheduled to announce its Q4 March 2016 results today, 30 May 2016.

Sun Pharmaceutical Industries is a specialty generic pharmaceutical company and India's top pharmaceutical company.

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