Jubilant Life Sciences slumps after Q2 loss widens

The company reported a higher loss of Rs 94 crore in Jul-Sep quarter compared with Rs 81 crore in the same quarter last fiscal

Jubilant Life Sciences slumped nearly 12% to Rs 146 after the company reported a higher loss for the second quarter on account of USFDA warning on Spokane facility and regulatory changes in China.

The company registered a consolidated net loss of Rs 94 crore for the second quarter ended September 30, 2014 compared with a net loss of Rs 81 crore during the corresponding quarter last fiscal.

"The company's performance in the quarter was affected mainly due to the continued impact of US FDA Warning letter on Spokane facility and adverse price impact on account of new capacities and regulatory changes in China in Advanced Intermediates business." Jubilant Life Sciences said in a release quoting Shyam S Bhartia, CMD and Hari S Bhartia, Co-Chairman and MD.

The stock opened at Rs 153 and touched a low of Rs 144 on the BSE. At 9:35AM, over 237,000 shares were traded on the BSE and NSE.