Sun Pharma Crashes 6% To A New 52-Week Low

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, November 9, 2015, 11:15 [IST]

Shares in Sun Pharma slumped a huge 6 per cent after profits at the company crashed by 46 per cent to Rs 1107 crores for the quarter ending Sept 30, 2015.

The stock hit a 52-week low of Rs 744 on the National Stock Exchange and was last seen trading at Rs 767.

Sun Pharma had posted a net profit of Rs 2,050.22 crore for the corresponding period of the previous Year. Commenting on the results, Sun Pharma Managing Director Dilip Shanghvi said: "Our performance for the quarter and first half FY16 has been impacted by lower sales growth, volatile currency movements and supply constraints."

Sun Pharma it maybe recalled had merged with Ranbaxy and the company has been facing a challenge since then.

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