Sun Pharma tanks 6 pc post Q2, Rs 11,267 cr gone in m-cap

Shares of Sun Pharma today ended with nearly 6 per cent loss, wiping out Rs 11,267 crore from its market valuation, after the firm reported a 46 per cent drop in consolidated net profit for the quarter ended September.
The stock slumped 5.82 per cent to settle at Rs 756.90 on BSE. During the day, it dived 7.18 per cent to Rs 745.95 -- its 52-week low.
On NSE, the stock plunged 5.78 per cent to end at Rs 756.95.
The company saw an erosion of Rs 11,266.84 crore to Rs 1,82,143.16 crore in market valuation.
The stock was the biggest loser on Sensex and Nifty indices.

Drug major Sun Pharma on Saturday reported a 46.02 per cent slide in consolidated net profit at Rs 1,106.66 crore for the quarter ended September 30 due to lower sales growth, volatile currency movements and supply constraints.

The company had posted a net profit of Rs 2,050.22 crore for the same period last fiscal, Sun Pharmaceutical Industries had said in a statement.
Consolidated net sales declined to Rs 6,803.31 crore for the quarter under consideration as against Rs 7,979.31 crore for the same period a year ago.
Sun Pharma MD Dilip Shanghvi had said: "Our performance for the quarter and first half FY16 has been impacted by lower sales growth, volatile currency movements and supply constraints.