The stock dived 5.82 per cent to settle at Rs 366.70 on BSE. During the day, it tumbled 14.72 per cent to Rs 332.
At NSE, shares of the company plunged 5.59 per cent to end at Rs 367.10.
The company's market valuation also declined by Rs 558.32 crore to Rs 9,053.68 crore.
In terms of equity volume, 12.88 lakh shares of the company were traded on BSE and over 54 lakh shares changed hands at NSE during the day.
SPARC CEO Anil Raghavan had said: "We are disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide on our next steps.
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