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BUZZ-India's Sun Pharma plunges to 3-1/2-yr low; Q4 profit falls 14 pct
May 29, 2017 / 4:29 AM / 4 months ago

BUZZ-India's Sun Pharma plunges to 3-1/2-yr low; Q4 profit falls 14 pct

** Shares of Sun Pharmaceutical Industries Ltd plunge as much as 12.8 pct to 494.85 rupees, to their lowest since Aug 29, 2013

** India’s largest drug group reported a 14 pct fall in March-quarter profit on Friday, and said its U.S. sales might fall this year because of pressure on drug prices

** “Sun is facing a confluence of challenges – lack of new approvals owing to Halol, rising cost structure from specialty build-out/R&D, and erosion in the U.S. business,” Morgan Stanley said in a note slashing their target price on the stock by 32 pct

** About 12.6 mln shares change hands, 3.9 times the 30-day average of 3.2 mln

** Stock on track for seventh straight session of losses; posts biggest intraday pct fall since July 2015

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