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Sun Pharmaceutical Industries' shares slumped as much as 5 per cent to their lowest since June 2013.
The company reported that Taro Pharmaceutical Industries Ltd's June-quarter profit halved to $54.5 million. Sun Pharma holds a majority stake in Taro.
Taro's Q1 net sales fell 31 per cent to $161.3 million, hurt by continuing increased competition and pricing environment
“We expect this product-specific pricing pressure to continue into the future,” Nirmal Bang Retail Research analysts wrote in a note, adding that this was a negative for Sun Pharma
Sun Pharma holds about 73 per cent stake in Taro as of March 2016, according to Thomson Reuters data
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