Share buyback nod fails to lift Ajanta Pharma; falls 7% on weak Q3 results

The stock dipped 7 per cent to Rs 1,016 on BSE after the company's consolidated net profit more-than-halved at Rs 67 crore in Q3FY19, due to lower sales.

Shares of Ajanta Pharma dipped 7 per cent to Rs 1,016 on BSE after the company’s consolidated net profit more-than-halved at Rs 67 crore in December quarter (Q3FY19), due to lower sales. It had posted a profit of Rs 147 crore in the year-ago quarter.

Operational income of the company during the quarter under review down 17 per cent to Rs 485 crore against Rs 587 crore in the corresponding quarter of previous fiscal. Emerging market branded generic sales posted de-growth of 25 per cent at Rs 188 crore against Rs 250 crore in previous year quarter.

Earnings