Share buyback plan fails to lift Sun Pharma; stock hits over 7-year low

The drugmaker announced that its board will meet on Tuesday, March 17, 2020 to consider the buyback of company's shares

Shares of Sun Pharmaceutical Industries dipped 4 per cent to hit an over 7-year low of Rs 342 on the BSE on Friday despite the drug maker announcing that its board will consider the buyback of company's shares next week.

The stock however outperformed the market, as the benchmark S&P BSE Sensex tanked 9.4 per cent to 29,687 points at 09:22 today. The Nifty50 index hit a 10 per cent lower circuit, bringing trading to a halt for 45 minutes as sell-off worsened in the Indian markets.

“The meeting of board of directors of the Company is scheduled