Sun Pharma shares dip after disappointing Q4 results

Mumbai (Maharashtra) [India], May 31 (ANI): Share price of Sun Pharmaceutical Industries slumped by around four per cent on Tuesday, a day after the company announced Rs 2,277.2 crore net loss for the quarter ended March 2022.
Sun Pharmaceutical Industries was trading 3.18 per cent down at Rs 859.90 on the BSE at 1.38 pm against its previous day’s close at Rs 888.10.
Earlier, trading in Sun Pharmaceutical Industries shares started at Rs 860.90. The scrip slipped to a low of Rs 851.50 in the intra-day trade.
The share price of Sun Pharmaceutical slumped on Tuesday after the company announced a surprise loss for the fourth quarter of the year.
On Monday, Sun Pharmaceuticals Industries reported a consolidated net loss of Rs 2,227.38 crore for the quarter ended March 2022 as against a net profit of Rs 848 crore recorded in the corresponding period of the previous year. The company’s profit during the quarter was hit by one-time charges on settlement of a pending litigation in the US.
The company’s exceptional items for the fourth quarter of 2021-22 stood at Rs 3,935.75 crore against Rs 672.81 crore in the corresponding quarter of 2020-21. Exceptional items include settlements, and provisions related to Taro Pharmaceuticals, and Ranbaxy. (ANI)