SPARC Q3 net loss widens to Rs 66 crore

Sun Pharma Advanced Research Company (SPARC) today reported a net loss of Rs 66.33 crore for the third quarter ended December 31, 2016.
The company had posted a net loss of Rs 41.02 crore for the same period of previous fiscal, SPARC said in a regulatory filing.
Income from operations declined to 23.05 crore for the third quarter as against Rs 33.55 crore in the same period of previous fiscal, it added.
The company's board, which met today, accepted the resignation of Sudhir Valia as the Chief Financial Officer of the company with effect from January 31, 2017.
The board has appointed Chetan Rajpara, currently Vice President Treasury of Sun Pharmaceutical Industries, as the Chief Financial Officer of the company with effect from February 1, 2017.

Post his resignation as the Chief Financial Officer of the company, Valia will continue to be associated with the firm in his capacity of non-executive director.
SPARC shares were trading at Rs 322.50 apiece on the BSE, down 0.98 per cent from previous close.