Drug major Ranbaxy Laboratories today tumbled over 13 per cent in early trade on the Bombay Stock Exchange, a day after the company reported a net loss of about Rs 680 crore.
Shares of Ranbaxy opened on a weak note at Rs 180 on the BSE and dipped further to its 52-week low of Rs 161.15, a plunge of 13.41 per cent over its previous closing price.
On the National Stock Exchange, the scrip followed a similar trend as it opened at Rs 182, touched the day's low of Rs 165.10, a fall of 11.43 per cent from its last close.
Impacted by forex losses and change in accounting standards, Ranbaxy's October-December quarter net loss stood at Rs 679.80 crore, against a net profit of Rs 187.80 crore in the same period in the previous year.
However, the drug maker's total sales rose by 6.38 per cent to Rs 1,909.60 crore for the quarter under review, from Rs 1,795.10 crore in the corresponding period last fiscal.
For the financial year ended December 31, 2008, Ranbaxy reported a net loss of Rs 914.60 crore, while it had a net profit of Rs 786.60 crore in the previous year.
During the year, the company incurred a forex loss of $179 million due to fluctuations in rupee movement, besides, Rs 161 million one-time loss on adoption of new accounting standards. Also the company made a provision of an inventory loss of $59 million due to the ban on 30 drugs manufactured by the company.
Ranbaxy's stock has been witnessing a downtrend since four trading sessions and plunged over 14 per cent. Ranbaxy had declined by 8.89 per cent to Rs 186.10 on the BSE yesterday.
Today, the scrip was later trading at Rs 179.35, down 3.63 per cent on BSE and at Rs 178.25, down 4.37 per cent on the NSE at 0958 hrs. Over 3.52 lakh shares changed hands on the exchanges.
