MUMBAI, July 21: Shares of Sun Pharma witnessed massive selling pressure today, plunging over 16 per cent, after the drug major said it expects to take a hit on profit for the fiscal due to charges related to the ongoing integration with Ranbaxy Laboratories.
Reacting to this, shares of the company opened the day on a weak note and lost further to 15.6 per cent to Rs 799.05 at BSE.
On the NSE, the stock dipped 16.11 per cent to Rs 795.25.
The stock was the top loser among the stocks on key indices Sensex and Nifty.
As a part of the integration pSun Pharma shares tank 16% as co sees profit hit in FY16
Mumbai, Jul 21 (PTI) Shares of Sun Pharma witnessed massive selling pressure today, plunging over 16 per cent, after the drug major said it expects to take a hit on profit for the fiscal due to charges related to the ongoing integration with Ranbaxy Laboratories.
Reacting to this, shares of the company opened the day on a weak note and lost further to 15.6 per cent to Rs 799.05 at BSE.
On the NSE, the stock dipped 16.11 per cent to Rs 795.25.
The stock was the top loser among the stocks on key indices Sensex and Nifty.
As a part of the integration process with Ranbaxy, the company expects to incur certain integration charges in order to generate long-term synergies from this merger, Sun Pharma said in a statement yesterday.
Also, the company may look to discontinue certain non-strategic businesses, it said.
As per the company’s estimates, the consolidated revenues would remain flat or show a decline over FY15. Also the consolidated profits “may also be adversely impacted due to certain expenses/charges arising out of integration as well as remedial actions.”
For the year ended March 31, the company posted a net profit of Rs 4,540.60 crore, while the same stood at Rs 3,141.47 crore in the previous year.
The company had completed the USD 4 billion merger deal with Ranbaxy Laboratories in March this year. (PTI)
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