Comments
Shares of Torrent Pharmaceuticals Limited on Tuesday plunged over seven per cent in morning trade a day after it reported a loss of Rs 152 crore for the quarter ended March 31, 2019.
The company posted a profit of Rs 228 crore in the same quarter of 2017-18 financial year, as per a Bombay Stock Exchange (BSE) filing on Monday.
The net loss of Rs 152 crore in the latest quarter is on account of exceptional items of Rs 357 crore and lower hedging gains, the company said.
On the BSE, the stock after opening on a negative note of Rs 1,634.90 further slipped 7.88 per cent to Rs 1,525.20.
The NSE the scrip touched Rs 1,525.35, a decline of 7.80 per cent over its previous close of Rs 1,654.40.
Out of Rs 357 crore worth exceptional items, Rs 217 crore pertains to impairment provision of certain intangible assets under development and goodwill recognised with respect to the acquisition of Bio-Pharm Inc.
An amount of Rs 140 crore is in relation to product recalls made during the current year, the drug firm said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.