Shares of Jubilant Life Sciences today closed down nearly 11 per cent, eroding its market capitalisation by Rs 287 crore, after the company's loss widened in September quarter.
Jubilant Life Sciences yesterday posted a consolidated net loss of Rs 94.11 crore for the second quarter ended September 30, 2014. The company had posted a net loss of Rs 80.58 crore during the same period of previous fiscal.
Reacting to the muted earnings, shares of the company opened at Rs 153, then fell as much as 12.64 per cent to touch an intra-day low of Rs 144. At the end of trading session, the stock closed at Rs 146.80, down 10.96 per cent on the BSE.
Accordingly, the market capitalisation of the company declined by Rs 287 crore to Rs 2,338.25 crore.
Market experts said that the downtrend in the counter was largely on the back of weak earnings.
The company's net sales in the quarter under review stood at Rs 1,362.11 crore during the period, down 4.36 per cent compared to Rs 1,424.3 crore in the same period previous fiscal.
Overall expenses of the company went up by 7.56 per cent to Rs 1,329.29 crore in Q2 of FY'15 against Rs 1,235.75 crore in the Q2 of FY'14.
During the quarter under review, revenue of pharmaceuticals segment declined 11.34 per cent to Rs 614.30 crore, while revenue from life science ingredients segment went up by 1.67 per cent to Rs 756.8 crore.
