Sun Pharma Shares Slump as Profits Decline

Sun Pharmaceutical Industries witnessed a significant dip in its stock value, as shares plunged 4.53% on Friday after announcing a 20% reduction in consolidated net profit for the June quarter.

Continuing its bearish trend from the previous day, the company's stock dropped 4.49% to Rs 1,629.05 on the BSE, with an intraday low of Rs 1,608.30. On the NSE, shares slipped to Rs 1,629.30 apiece, marking a 4.53% fall. The two-day decline has resulted in a market valuation erosion of Rs 25,418.49 crore.

Despite the drop in net profit, the adjusted net profit without exceptional items saw a 6% rise to Rs 2,996 crore. Total income increased to Rs 14,316 crore compared to Rs 13,185 crore in the same quarter last year, as stated in Sun Pharma's regulatory filing.

(With inputs from agencies.)