Ranbaxy Laboratories slumped 12.45% to Rs 334 at 15:12 IST on BSE on profit booking after the stock spurted 17.57% in the past one month to Rs 381.50 on Tuesday, 20 August 2013.
Meanwhile, the BSE Sensex was down 324.99 points, or 1.78%, to 17,921.05.
On BSE, 8.10 lakh shares were traded in the counter compared with average volume of 3.39 lakh shares in the past one quarter.
The stock hit a high of Rs 389 and a low of Rs 320 so far during the day. The stock hit a 52-week high of Rs 578.30 on 4 September 2012. The stock hit a 52-week low of Rs 253.95 on 2 August 2013.
The stock had outperformed the market over the past one month till 20 August 2013, rising 17.57% compared with the Sensex's 9.45% decline. The scrip had, however, underperformed the market in past one quarter, sliding 14.11% as against Sensex's 9.78% fall.
The large-cap company has an equity capital of Rs 211.56 crore. Face value per share is Rs 5.
Recent rise in the Ranbaxy Laboratories stock was triggered by the company reporting improved Q2 June 2013 results on 7 August 2013.
The company reported consolidated net loss of Rs 524.24 crore for Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Sales declined 17.83% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012. Ranbaxy said that base business sales registered double digit growth and base business margins continued to improve in Q2 June 2013.
Ranbaxy said that bottom line in Q2 June 2013 was adversely impacted by the depreciation of rupee against the dollar. Though favourable to Ranbaxy's export business, the rupee depreciation had an adverse impact on the company's profitability mainly on account of application of the accounting standards that require marking to market the entire derivatives and foreign currency denominated loans outstanding. There was a net charge of Rs 540.30 crore on this account in Q2 June 2013, Ranbaxy said.
Ranbaxy said that the macroeconomic environment continued to be challenging in certain countries in Western Europe. Specifically in France, the generic pharma industry has been impacted adversely by continuing pricing and trade challenges. Ranbaxy has accordingly taken an impairment of goodwill of Rs 119.20 crore in Q2 June 2013 pertaining to its operations in France in line with the accounting standards.
Ranbaxy said the company registered profit after tax of Rs 135.20 crore in Q2 June 2013 if one excludes the impact of forex losses and other exceptional items.
Ranbaxy said sales declined on year on year basis in Q2 June 2013 due to base effect. The company said sales in Q2 June 2012 was boosted by contribution from exclusivities. On a like-to-like basis, sales grew in double digits over the corresponding quarter, Ranbaxy said.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of generic medicines. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group.
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