Sun Pharmaceutical Industries lost 11.16% to Rs 841.25 at 09:42 IST on BSE after the company said that its overall revenues and profits are likely to be adversely impacted in FY 2016, owing to various consolidation initiatives post merger of Ranbaxy.
Meanwhile, the BSE Sensex was up 13.35 points, or 0.05%, to 28,433.47
On BSE, so far 13.31 lakh shares were traded in the counter, compared with an average volume of 5.60 lakh shares in the past one quarter.
The stock hit a high of Rs 852.15 and a low of Rs 799.05 so far during the day. The stock hit a record high of Rs 1,200.70 on 7 April 2015. The stock hit a 52-week low of Rs 733 on 18 July 2014.
The large-cap company has an equity capital of Rs 240.64 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries after market hours yesterday, 20 July 2015 said that following the acquisition of Ranbaxy, the company has embarked on various consolidation initiatives globally to drive future growth and profitability and to enhance long-term shareholder value. However, the measures are likely to adversely impact the overall revenues and profits of the company for FY 2016, Sun Pharmaceutical Industries said. Consolidated revenue is expected to remain flat or show a decline over FY 2015, the company said. Consolidated profit may also be adversely impacted due to certain expenses/charges arising out of integration as well as remedial actions. These initiatives will help the company revert to a more sustainable growth trajectory post FY 2016, Sun Pharmaceutical Industries said.
Sun Pharmaceutical Industries' consolidated net profit declined 44% to Rs 888.05 crore on 52% growth in net sales to Rs 6144.90 crore in Q4 March 2015 over Q4 March 2014.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company. In 2014, Sun Pharmaceutical Industries acquired Ranbaxy Laboratories for $4 billion in an all-stock deal.
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