Sun Pharma Shares Sink 5 Per Cent As Results Lag Estimates

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Shares in Sun Pharma slipped more than 5 per cent after its Q4 numbers for the year ending March 31, 2016 disappointed the markets.

However, the consolidated net profits of Sun Pharma which came in at Rs 1,713.69 crore for the fourth quarter ended March 31, 2016 against Rs 889.24 crore for the same period of the previous quarter.

Sun Pharma Shares Sink 5 Per Cent As Results Lag Estimates
Sun Pharmaceutical Industries: Quotes, News
BSE 747.75BSE Quote0.6 (0.08%)
NSE 747.40NSE Quote0.25 (0.03%)

The Q4 number came below the estimates of the market expectation disappointing the street.

The company's total income of the group rose to Rs 7,599.21 crore for the quarter as against Rs 6,505.04 crore for the corresponding period of 2015.

The Board of Directors also recommended a dividend of Re 1 per share, subject to the approval of the members at the ensuing Annual General Meeting of the Company.

The Board of Directors of the Company has decided to hold a meeting on Thursday, 23rd June 2016 to evaluate a proposal for buyback of equity shares of the Company.

Shares of the company were seen trading at Rs 767, lower by 5.49 per cent on BSE at 10.48 am IST. It touched an intra-day low of Rs 765 during the trade.

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