Sun Pharma drops after reverse turnaround in Q2

Sun Pharmaceutical Industries lost 4.89% to Rs 534.25 at 10:25 IST on BSE after the company reported consolidated net loss of Rs 108.84 crore in Q2 September 2018 as compared to net profit of Rs 1001.79 crore in Q2 September 2017.

The result was announced after market hours yesterday, 13 November 2018.

Meanwhile, the S&P BSE Sensex was down 62.34 points, or 0.18% to 35,082.15

On the BSE, 6.38 lakh shares were traded in the counter so far compared with average daily volumes of 2.52 lakh shares in the past two weeks. The stock had hit a high of Rs 558.55 and a low of Rs 533.55 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 434.80 on 22 May 2018.

Sun Pharmaceutical Industries' consolidated total income rose 5.56% to Rs 7288.78 crore in Q2 September 2018 over Q2 September 2017.

Adjusted net profit for Q2 September 2018 was at Rs 996 crore with resulting adjusted net profit margin at 14.5%. After accounting for the provision of Rs 1214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crore.

Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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