Sun Pharma falls after unit's earnings disappoint

Last Updated: Fri, May 24, 2013 06:15 hrs

Shares in Sun Pharmaceutical Industries Ltd fall 3 percent after its unit Taro Pharmaceutical Industries Ltd posted a lower-than-expected January-March net profit, dealers say.

New York-listed Taro said quarterly net profit rose to $49.2 million from $47.3 million a year earlier. Earnings were impacted by settlements and loss contingencies of $22 million, which the company said was "related to certain price reporting litigation".

Taro did not provide more specifics about the litigation in a statement that came overnight India time.

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