Torrent Pharma shares fall over 3 pc post Q4 results

Shares of Torrent Pharmaceuticals Tuesday declined over 3 per cent a day after it reported a loss of Rs 152 crore for the quarter ended March 31, 2019.

The stock on the BSE opened on a negative note of Rs 1,634.90 and further slipped to touch the intra-day low of Rs 1,525.20. The scrip finally settled at Rs 1,601.05 with a loss of 3.30 per cent over its previous close.

On the NSE the scrip closed at Rs 1,600, declining 3.29 per cent. Intra-day it touched a low of Rs 1,525.35.

In terms of the equity volume, a combined of over 17 lakh shares were traded on the stock exchanges during the day.

The company had posted a profit of Rs 228 crore in the same quarter of 2017-18 financial year, as per a BSE filing on Monday.

The net loss of Rs 152 crore in the latest quarter is on account of exceptional items of Rs 357 crore and lower hedging gains, the company said.

Out of Rs 357 crore worth exceptional items, Rs 217 crore pertains to impairment provision of certain intangible assets under development and goodwill recognised with respect to the acquisition of Bio-Pharm Inc.

An amount of Rs 140 crore is in relation to product recalls made during the current year, the drug firm said.