Mumbai: Drug major Ranbaxy Laboratories on Friday tumbled over 13% in early trade on the Bombay Stock Exchange, a day after the company reported a net loss of about Rs680 crore.
Shares of Ranbaxy opened on a weak note at Rs180 on the BSE and dipped further to its 52-week low of Rs161.15, a plunge of 13.41% over its previous closing price.
On the National Stock Exchange, the scrip followed a similar trend as it opened at Rs182, touched the day’s low of Rs165.10, a fall of 11.43% from its last close.
Impacted by forex losses and change in accounting standards, Ranbaxy’s October-December quarter net loss stood at Rs679.80 crore, against a net profit of Rs187.80 crore in the same period in the previous year.
However, the drug maker’s total sales rose by 6.38% to Rs1,909.60 crore for the quarter under review, from Rs1,795.10 crore in the corresponding period last fiscal.
For the financial year ended 31 December 2008, Ranbaxy reported a net loss of Rs914.60 crore, while it had a net profit of Rs786.60 crore in the previous year.
During the year, the company incurred a forex loss of $179 million due to fluctuations in rupee movement, besides, Rs161 million one-time loss on adoption of new accounting standards. Also the company made a provision of an inventory loss of $59 million due to the ban on 30 drugs manufactured by the company.
Ranbaxy’s stock has been witnessing a downtrend since four trading sessions and plunged over 14%. Ranbaxy had declined by 8.89% to Rs186.10 on the BSE on Thursday.
In Friday’s trade, the scrip was later trading at Rs179.35, down 3.63% on BSE and at Rs178.25, down 4.37% on the NSE at 0958 hrs. Over 3.52 lakh shares changed hands on the exchanges.