Sun Pharma slumps as Taro reports weak Q4 results

Sun Pharmaceutical Industries tumbled 7.11% to Rs 594.70 at 11:09 IST on BSE after the company's US subsidiary Taro Pharmaceutical Industries reported weak Q4 results yesterday, 22 May 2017.

Meanwhile, the S&P BSE Sensex was down 148.97 points or 0.49% at 30,422.

On the BSE, 6.77 lakh shares were traded on the counter so far as against the average daily volumes of 3.52 lakh shares in the past one quarter. The stock had hit a high of Rs 631 and a low of Rs 589.20 so far during the day.

The stock had hit a 52-week high of Rs 854.50 on 5 August 2016 and a 52-week low of Rs 572.40 on 9 November 2016. It had underperformed the market over the past one month till 22 May 2017, advancing 0.03% compared with the Sensex's 4.11% rise. The scrip had also underperformed the market over the past one quarter, declining 4.5% as against the Sensex's 5.91% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Rs 1.

Taro Pharmaceutical Industries' (Taro) net profit fell 27.82% to $83 million on 25.9% decrease in net sales to $196.40 million in Q4 March 2017 over Q4 March 2016. The drop in net sales is due to continuing increased competition and the challenging pricing environment.

On a consolidated basis, Sun Pharmaceuticals Industries' net profit declined 11.2% to Rs 1721.85 crore on 8.4% rise in net sales to Rs 7683.24 crore in Q3 December 2016 over Q3 December 2015.

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

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