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Shares of Sun Pharmaceutical Industries today slumped as much as 10 per cent to Rs 869.10 rupees as of 0445 GMT, its lowest since February 27.
The company has posted a much lower-than-expected profit in the January-March quarter and declined to give guidance for fiscal 2015/16.
Sun Pharma said it continues to face supply constraints at its Halol manufacturing plant in Western India as it works towards resolving US FDA’s concerns on the plant.
Analysts say earnings will also be constrained as it integrates Ranbaxy Laboratories after completing the purchase in March.
“In the near term, the Ranbaxy integration and supply constraints from Halol will cap EBITDA margin improvement,’’ ICICI Securities said on Monday, downgrading the company’s stock to “hold’’ from “buy’’.
At session’s low on Monday, Sun Pharma shares were down 27.6 per cent since it hit a record high on April 7 ($1 = 63.7300 Indian rupees)
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