Tuesday, 21 July 2015

Sun Pharmaceutical shares on Tuesday fell over 16 % for 21 July 2015

 Sun Pharmaceutical shares on Tuesday fell over 16 per cent as they witnessed massive selling pressure after the drug major said it expects to take a hit on profit for the fiscal due to charges related to the ongoing integration with Ranbaxy Laboratories. Reacting to this, shares of the company opened the day on a weak note and lost further to 15.6 per cent to Rs 799.05 at BSE. On the NSE, the stock dipped 16.11 per cent to Rs 795.25. The stock was the top loser among the stocks on key indices Sensex and Nifty. The drug major has said on Monday that it expects to take a hit on profit for the fiscal due to the charges related to the ongoing integration with Ranbaxy Laboratories. Also, the company may look to discontinue certain non-strategic businesses, it said. As per the company's estimates, the consolidated revenues would remain flat or show a decline over FY15. 

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