Sun Pharma stock dives nearly 12%; mcap drops Rs 15,766 cr

Shares of Sun Pharma today

slumped nearly 12 per cent, wiping out Rs 15,766 crore from

its market valuation, after the company reported 14 per cent

decline in consolidated net profit for the March quarter of

last fiscal.

The stock dived 11.56 per cent to end at Rs 502.85 on

BSE. During the day, it had plunged 13.28 per cent to Rs 493

-- its 52-week low.

On NSE, it tumbled 11.45 per cent to close at Rs 502.60.

The stock was the worst performer among the Sensex and

Nifty components.

Led by the sharp sell-off in the stock, the company's

market valuation fell sharply by Rs 15,765.65 crore to Rs

1,20,645.35 crore.

On the volume front, 45.53 lakh shares of the company

were traded on BSE and over 4 crore shares changed hands on

NSE during the day.

Sun Pharma on Friday reported 14 per cent decline in

consolidated net profit to Rs 1,223 crore for the fourth

quarter to March 31, 2016-17, on account of pricing pressure

in the US market.

Its net profit was Rs 1,416 crore for the same period of

the previous fiscal.

Income from operations during the period also declined to

Rs 6,825 crore, as against Rs 7,415 crore a year ago, Sun

Pharmaceutical Industries said in a statement.

For 2016-17, the company posted consolidated net profit

of Rs 6,964 crore, up 53 per cent, from Rs 4,545 crore in

2015-16.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)