Sun Pharma hits near 2-week low on Q3 results; Goldman Sachs cuts PT

Last Updated: Wed, Feb 15, 2017 11:49 hrs
An employee speaks on phone as he walks out of research and development centre of Sun Pharmaceutical Industries Ltd in Mumbai

Sun Pharmaceutical Industries Ltd falls as much as 3.4 pct, lowest since Feb 2.

Company reported first fall in quarterly profits in a year on Tuesday, as pricing issues and supply constraints affected sales in the U.S. - its largest market.

Dec-quarter profit fell to 14.72 bln rupees ($220.33 mln), missing analysts average estimate of 17.83 bln rupees, according to Thomson Reuters data.

Company hopes to be able to fix the problems at Halol "over the next few quarters," founder-Managing Director Dilip Shanghvi said on a conference call.

Goldman Sachs cuts stock's target price to 824 rupees from 836 rupees.

Any further delay in resolution of the Halol situation presents risks to near-term estimates, Nomura analysts stated in a note.

($1 = 66.8100 Indian rupees)

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