Sun Pharma tanks 7% on Taro’s weak results

The Hindu Business Line: Sun Pharma fell to its six-month low after Taro reported weak results. Sun Pharmaceutical Industries declined as much as 7 per cent to Rs 601.50 to its lowest since November 9.
At about 10.40 am, Sun Pharma shares were down 6.93 per cent or Rs 44.40 at Rs 595.85 on the BSE.
The stock opened at Rs 629 against Monday’s close of Rs 640.25. The stock traded between Rs 631 and Rs 595.20 in the morning deals.
Taro Pharmaceutical Industries reported 25.9 per cent fall in net sales for the March quarter, while gross profit decreased by US $80.4 million to US $143.8 million.
“Today’s fall is typically due to Taro, which posted very bad set of numbers,” said Ranjit Kapadia, an analyst at Centrum Broking
Taro accounts for about one-fifth of Sun Pharma’s revenue and profit, Kapadia added
The stock posted its biggest intraday percentage drop since December 7.
About 3.2 million shares changed hands, 1.3 times the 30-day average of 2.5 million.