Sun Pharmaceutical Industries lost 3.3% to Rs 572.25 at 14:33 IST on BSE, with the stock extending recent sharp slide ahead of the company's Q4 earnings today, 26 May 2017.
Meanwhile, the S&P BSE Sensex was up 272.76 points or 0.89% at 31,022.79.
On the BSE, 9.96 lakh shares were traded on the counter so far as against the average daily volumes of 3.75 lakh shares in the past one quarter. The stock had hit a high of Rs 598.45 and a low of Rs 568.20 so far during the day.
The stock had hit a 52-week high of Rs 854.50 on 5 August 2016 and a 52-week low of Rs 572.40 on 9 November 2016. It had underperformed the market over the past one month till 25 May 2017, sliding 7.89% compared with the Sensex's 2.69% rise. The scrip had also underperformed the market over the past one quarter, declining 12.38% as against the Sensex's 6.43% rise.
The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Rs 1.
Shares of Sun Pharmaceutical Industries (Sun Pharma) have declined 12.48% in six trading sessions to its ruling market price, from its closing of Rs 653.90 on 18 May 2017, ahead of the company's Q4 March 2017 earnings scheduled today, 26 May 2017.
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Also, weak quarterly earnings from the company's US subsidiary Taro Pharmaceutical Industries (Taro) announced on 22 May 2017, dampened investors' sentiment in Sun Pharma.
Taro's net profit fell 27.82% to $83 million on 25.9% decrease in net sales to $196.40 million in Q4 March 2017 over Q4 March 2016. The drop in net sales is due to continuing increased competition and the challenging pricing environment.
On a consolidated basis, Sun Pharmaceuticals Industries' net profit declined 11.2% to Rs 1721.85 crore on 8.4% rise in net sales to Rs 7683.24 crore in Q3 December 2016 over Q3 December 2015.
Sun Pharma is a specialty generic pharmaceutical company and India's top pharmaceutical company.
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