Stocks

Sun Pharma shares fall to over 4-year low

Reuters | Updated on January 09, 2018 Published on August 09, 2017

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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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Published on August 09, 2017
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