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Sun Pharma shares hit 52-week low, tank over 13%
Shares of Sun Pharma on Monday crashed by over 13 percent after the company reported a 14 percent decline in consolidated net profit for the fourth quarter ended March.
New Delhi: Shares of Sun Pharma on Monday crashed by over 13 percent after the company reported a 14 percent decline in consolidated net profit for the fourth quarter ended March.
The stock plunged 13.28 percent to Rs 493 -- its 52-week low -- on the BSE.
On the NSE, it plummeted 13.21 percent to hit a one-year low of Rs 492.65.
Sun Pharma on Friday reported a 14 percent decline in consolidated net profit at Rs 1,223 crore for the fourth quarter to March 31 on account of pricing pressure in the US market.
Net profit stood at Rs 1,416 crore for the same period of the previous fiscal.
Income from operations during the period also declined to Rs 6,825 crore, as against Rs 7,415 crore a year ago, Sun Pharmaceutical Industries said in a statement.
For 2016-17, the company posted consolidated net profit of Rs 6,964 crore, up 53 percent, from Rs 4,545 crore in 2015-16.