Sun Pharma shares tank over 7%; m-cap drops by Rs 9,924 cr on Q2 net loss

Shares of Sun Pharmaceutical Industries Wednesday slumped over 7 per cent, wiping out Rs 9,924.23 crore from its market valuation, after the company reported a consolidated net loss of Rs 218.82 crore for the September quarter.

The stock dropped 7.36 per cent to settle at Rs 520.35 on BSE. Intra-day, it dived 7.85 per cent to Rs 517.60.

At NSE, shares of the company plunged 7.28 per cent end at Rs 520.80.

The stock was the worst hit among the blue chips on both the key indices during the day.

The company's market valuation plummeted by Rs 9,924.23 crore to Rs 1,24,845.77 crore on BSE.

In terms of equity volume, 19.21 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

Drug major Sun Pharmaceutical Industries Tuesday reported a consolidated net loss of Rs 218.82 crore for the July-September quarter on account of a Rs 1,214-crore provision for the settlement of the Modafinil antitrust case in the US.

The company had posted a net profit of Rs 912.12 crore for the corresponding period of the previous fiscal, Sun Pharmaceutical Industries said in a BSE filing.

After accounting for the provision of Rs 1,214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crore, it said.