Sun Pharma shares drop 6%; mcap dips by Rs 11,987 cr

Sun Pharma shares today tumbled over 6 per cent, wiping-out Rs 11,987 crore from its market valuation, after the company's fourth quarter results failed to enthuse investors.
The stock plunged 6.13 per cent to settle at Rs 762.70 on BSE. During the day, it tumbled 6.81 per cent to Rs 757.10.
On NSE, it dipped 6 per cent to end at Rs 762.75.
Tracking weakness in the stock, the company's market valuation fell by Rs 11,987.44 crore to Rs 1,83,558.56 crore.
In terms of volume, 17.40 lakh shares of the company changed hands on BSE and over one crore shares were traded at NSE during the day.

The bluechip stock was the worst performer among the Sensex and Nifty components during the session.

"For Q4 FY16, the company posted results below exceptions on sales front, while posting results better-than-expected on the net profit," said Sarabjit Kour Nangra, VP Research-Pharma, Angel Broking.
Country's largest drug maker Sun Pharmaceutical Industries yesterday reported a consolidated net profit of Rs 1,713.69 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 889.24 crore for the same period of the previous fiscal, Sun Pharmaceutical Industries had said in a BSE filing.
Consolidated total income increased to Rs 7,599.21 crore for the quarter under consideration as against Rs 6,505.04 crore for the corresponding period a year ago.

For the fiscal year ended March 31, the company posted a net profit of Rs 4,715.91 crore. It was Rs 4,539.38 crore for the previous fiscal.
Consolidated total income of the company stood at Rs 28,728.95 crore in the just concluded fiscal compared with Rs 27,842.84 crore a year ago.
Sun Pharma is looking at up to 10 per cent increase in its consolidated revenue in the current financial year with an expectation of all round growth of business.
Addressing a conference call, Sun Pharmaceutical Industries MD Dilip Shanghvi said the company expects "consolidated revenue to grow by 8-10 per cent in FY17".