Sun Pharma hits 52-week low on Taro's weak June quarter results

The stock slipped 5% to Rs 475, also its 52-week low on BSE in early morning trade.

Sun Pharmaceutical Industries has slipped 5% to Rs 475, also its 52-week low on BSE in early morning trade, after its unit Taro Pharmaceutical Industries’ net income halved to $54.5 million in quarter ended June 2017 (Q1FY18). The company had net income of $109.9 million in the same quarter last year.

Net sales during the quarter under review declined 31% to $161.3 million, due to continuing increased competition and the challenging pricing environment; despite an overall increase in volumes.

Mr. Abhay Gandhi, Taro’s interim CEO stated, “Our results reflect the difficult generic pricing environment, particularly in the U.S.,