Stocks

Ranbaxy down by over 5% on BSE

PTI Mumbai | Updated on February 23, 2011 Published on February 23, 2011

Shares of drug-maker Ranbaxy Laboratories fell by over 5 per cent in BSE today, despite the company posting an over five-fold jump in net profit for the year ending December 31, 2010.

The drubbing on the bourses appears to be on account of the company’s decision to only publish its earnings for the 2009-10 calendar year yesterday, while neglecting to provide data on its performance for the September-December quarter.

The company posted an over five-fold jump in profit after tax (PAT) to Rs 1,496.8 crore for the 12-month period ended December 31, 2010. However, according to media reports, the company suffered losses in the quarter ending December 31, 2010.

The company’s shares fell by 5.28 per cent on the Bombay Stock to a one-month low of Rs 468.10 today. This came on the back of an over 3 per cent decline in the company’s scrip in yesterday’s trade.

Even the announcement of a dividend of Rs 2 a equity share for the year failed to enthuse investors, who preferred to book profits instead.

The company’s scrip received similar beating on the National Stock Exchange, where it slumped by 5 per cent to an early low of Rs 467.50.

On the volume front, over 16 lakh shares of the company were traded on the bourses within the first three hours of trade.

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Published on February 23, 2011
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