Sun Pharma Shares Fall 14% On Profit, Revenue Warning

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Shares in Sun Pharma fell a huge 14 per cent after the company warned of revenues remaining flat and profits being impacted in 2015-16.

Sun Pharma Shares Fall 14% On Profit, Revenue Warning
Sun Pharmaceutical Industries: Quotes, News
BSE 572.00BSE Quote4.25 (0.74%)
NSE 572.10NSE Quote4.6 (0.80%)
The stock was last trading at Rs 820, down 14 per cent over Monday's close. Check Sun Pharma Share Price and Financials

"Consolidated revenues to remain flat or show a decline over FY15, while profits may also be adversely impacted due to certain expenses/charges arising out of integration as well as remedial actions," the company had said in a statement on Monday.

"Our target for the synergy benefits from the Ranbaxy acquisition has increased by 15-20% as compared to our original target of US$ 250 million by FY18. This will be achieved by focusing on overall profitability improvement driven by revenue and procurement synergies, manufacturing rationalization and various additional cost-management measures," the company stated.

Many analysts have revised their target price on the stock, while yet others have downgraded the same. These include several domestic as well as local brokerages.

Read more about: sun pharma, ranbaxy
Story first published: Tuesday, July 21, 2015, 11:59 [IST]
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