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Ranbaxy reports net loss of Rs 492 cr for Q4 2012; stock plunges

Ranbaxy reports net loss of Rs 492 cr for Q4 2012; stock dip
Pharma major Ranbaxy disappointed investors by reporting a net loss of Rs 492 for Q4 2012. It was Rs 2,983 crore in the same period a year ago.

The stock which was rising in the last few days slumped almost 4 per cent on disappointing numbers. The net loss was largely on account of a product recall which costed the company Rs 182 crore and a forex loss of Rs 18 crore.

The company's net sales dropped 29% to Rs 2,671 crore as against Rs 3,752 crore in December 2011. Total income fell to Rs 2,787.89 crore from the Rs 3,869.38 crore in the corresponding quarter of previous year.

Shares of the company dropped 4.31% at Rs 414on BSE at 3.30 pm IST.

Read more about: ranbaxy
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