Sun Pharma rebounds after crashing over 15% on dismal FY16 outlook
Sun Pharmaceutical on Wednesday rebounded from over 15% plunge after the company said Tuesday it sees flat sales in fiscal 2016. India’s largest drugmaker by market value said the cost of integrating Ranbaxy will impact revenue and profits in 2016.
Shares in the company were trading up 3.2% on Wednesday.
The company in a statement said prolonged impact of remediation measures at Halol, and divestment of low margin assets will also hurt the bottom line in 2016. Halol contributes 10% of the company’s sales. Sun Pharma now sees flat-to-declining sales in fiscal year 2016 over FY15 on the back of delay in resolving the Halol challenge as well as the discontinuation of 2-3 low-margin businesses.
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