Stocks

Acid leak in factory sears Shasun Pharma

Our Bureau Chennai | Updated on March 09, 2011 Published on March 09, 2011

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Shares of Shasun Pharmaceuticals fell 5.54 per cent on the BSE today after the company announced that one of its factories was shut following an acid leak.

The shares closed at Rs 53.75, against the previous close of Rs 57.50.

Shasun Pharmaceuticals has informed the stock market that there was chemical leak in the stores area at its Cuddalore factory. While the leak has since been plugged, production in the factory has been stopped in deference to the direction of the government.

Mr Vimal Kumar, Managing Director, and Mr Abhaya Kumar, Wholetime Director, could not be reached for comments.

In a statement to the stock market, the company said it was doing the needful to resume the operations at the earliest.

Shasun manufactures active pharmaceutical ingredients (bulk drugs), their intermediates and excipients. The company has a significant presence in some key generics.

Shasun reported a turnover of Rs 146 crore for the third quarter ending December 31, 2010, against Rs 147 crore for the same period the previous year. Net profit slumped to Rs 37 lakh from Rs 10 crore for the same period. It reported a loss of Rs 5.5 crore for the previous quarter ending September 30, 2010.

Promoters hold 46.4 per cent stake in the company of which they have pledged 22.68 per cent with financial institutions. FIl holding stood at 8.35 per cent while individual investors hold 29 per cent.

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Published on March 09, 2011
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