Ranbaxy Laboratories today fell by over 6% on BSE, despite the company posting an over five-fold jump in net profit for the year ending December 31, 2010.
The company posted an over five-fold jump in profit after tax (PAT) at Rs 1,496.8 crore for the 12-month period ended December 31, 2010. However, according to media reports, the company suffered losses in the quarter ending December 31, 2010.
Investors were miffed at the company's decision to only publish its earnings for the 2009-10 calendar year yesterday, while neglecting to provide data on its performance for the September-December quarter.
Even the announcement of a dividend of Rs 2 per equity share for the year failed to enthuse investors, who preferred to book profits instead.
Ranbaxy shares plunged by 6.62% to Rs 461.50 on BSE today. During intra-day session, the stock had shed 7.26% touching a one month low of Rs 458.30.
Investors abandoned Ranbaxy's counter at the National Stock Exchange as well where it lost 6.70% to settle at Rs 459.25 a piece. On the volume front, over 29 lakh shares of the company were traded on the two bourses.
Meanwhile, the BSE barometer index Sensex closed lower by 117.83 points at 18,178.33.
