Cipla shares tumble over 7% post Q4 results

Shares of Pharma major Cipla today tumbled over 7 per cent after the company's March quarter numbers came below market expectations.
The stock tanked 7.4 per cent to Rs 458.25 -- its 52-week low -- on BSE.
On NSE, it dipped 7.4 per cent to touch a one-year low of Rs 457.45.
The stock was the worst performer among the bluechips on both Sensex and Nifty during the morning trade.
"The company posted results much below expectations," Angel Broking, VP Research-Pharma, Sarabjit Kour Nangra said.
Cipla yesterday reported a consolidated net profit of Rs 80.87 crore for the fourth quarter ended March 31, 2016.

The company had posted a net profit after minority interest and share of profit/loss of the associates of Rs 259.66 crore for the corresponding period of the previous fiscal, Cipla had said in a BSE filing.

Consolidated total income from operations of the company stood at Rs 3,266.54 crore for the quarter under consideration. It was Rs 3,092.69 crore for the year-ago period.
"The company's wholly owned subsidiary acquired 100 per cent stake in two US based companies, InvaGen Pharmaceuticals Inc and Exelan Pharmaceuticals Inc. Both became company's wholly owned subsidiaries from February 17, 2016," Cipla said.
The results of the current period includes relevant results of InvaGen and Exelan from the date they became subsidiaries of the company and "therefore the corresponding figures for the previous period are not comparable", it added.

The company posted a net profit of Rs 1,505.92 crore for the fiscal year ended March 31, 2016. It was Rs 1,180.77 crore for the same period a year-ago.