May 23, 2017 / 4:41 AM / 2 months ago

BUZZ-India's Sun Pharma falls to 6-mth low on Taro's weak results

1 Min Read

** Sun Pharmaceutical Industries falls as much as 6 pct to 601.500 rupees to its lowest since Nov. 9

** Taro Pharmaceutical Industries reported 25.9 pct fall in net sales for the March quarter, while gross profit decreased by $80.4 mln to $143.8 mln

** "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

** Stock posts biggest intraday percentage drop since Dec. 7

** About 3.2 mln shares change hands, 1.3 times the 30-day average of 2.5 mln

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