Sun Pharma slips on buzz it may buy Sweden's Meda

Meanwhile, the S&P BSE Sensex was down 206.98 points, or 1.05%, to 19,553.32.

On BSE, 1.11 lakh shares were traded in the counter as against an average daily volume of 99,002 shares in the past one quarter.

The stock hit a high of Rs 1,048 and a low of Rs 990 so far during the day. The stock had hit a record high of Rs 1,085.40 on 30 May 2013. The stock had hit a 52-week low of Rs 554 on 5 June 2012.

The stock had outperformed the market over the past one month till 31 May 2013, rising 9.90% compared with the Sensex's 1.31% rise. The scrip had also outperformed the market in past one quarter, rising 30.28% as against Sensex's 4.77% rise.

The large-cap pharmaceutical company has an equity capital of Rs 103.56 crore. Face value per share is Re 1.

Shares of Sun Pharmaceutical Industries witnessed selling pressure on concerns that a potential acquisition will reduce the Indian firm's cash position and increase debt.

Meda makes speciality products, over-the-counter drugs and branded generics -- the same areas of focus as Sun. According to reports, Sun Pharma is in talks with a clutch of banks to raise funds for a possible deal.

Sun Pharmaceutical Industries' consolidated net profit rose 23.32% to Rs 1011.56 crore on 32.14% rise in total income from operations (net) to Rs 3087.04 crore in Q4 March 2013 over Q4 March 2012.

Sun Pharma is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics and ophthalmology. The company has strong skills in product development, process chemistry, and manufacturing of complex API, as well as dosage forms.

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