Sun Pharma shares down over 4%; mcap dips by Rs 8,788 cr

Shares of Sun Pharmaceutical Industries fell over 4 per cent today after its arm Taro Pharma reported disappointing earnings.
The stock lost 4.28 per cent to settle at Rs 815.85 on BSE. During the day, it went down 5 per cent to Rs 809.
At NSE, shares of the company slipped 4.28 per cent to end at Rs 815.95.
The company's market valuation tanked by Rs 8,787.89 crore to Rs 1,96,329.11 crore.
In terms of volume, 4.11 lakh shares of the company changed hands at BSE and over 40 lakh shares were traded at NSE during the day.
Taro reported 15.5 per cent dip in net sales to USD 212.1 million for the quarter ended September 30, 2015.

Net income attributable to Taro was USD 133.3 million compared to USD 143.4 million.

Sun Pharma may discontinue certain non-strategic businesses as part of its integration process with Ranbaxy Laboratories, which it acquired in a USD 4 billion deal last year.
The firm also expects its revenues and net profit to be adversely hit in the short term due to supply constraints at Halol facility in Gujarat and high expenses arising out of Ranbaxy integration as well as remedial actions.
Sun Pharma will announce its second quarter results on Saturday.
Meanwhile, in the broader market the Sensex ended with a loss of 248.72 points at 26,304.20.