Sun Pharma gains after promoter releases pledge

Sun Pharmaceutical Industries rose 3.44% to Rs 505.75 after the drug major's promoter Shanghvi Finance released pledge on 28.50 lakh shares of the company.

Shanghvi Finance held 96.70 crore shares or 40.3% stake in Sun Pharma as on 08 June 2020.

The company's promoter had pledged 9.64 crore shares or 4.02% stake as a security for loan availed by third party. It has released its pledge on 28.50 lakh shares or 0.12% on 05 June 2020.

Consequently, the number of shares still under pledge as of this reporting stood at 9.35 crore shares, or 3.90% stake.

Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

 

The drug maker reported 37.1% decline in consolidated net profit to Rs 399.84 crore on 14.3% rise in total revenue from operations to Rs 8,184.94 crore in Q4 March 2020 over Q4 March 2019.

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