Sun Pharma shares plunge 20% in sudden fall, then recover1 min read . Updated: 13 May 2019, 03:39 PM IST
- The fall in Sun Pharma shares were accompanied by higher volumes
- At day's low, Sun Pharma shares hit a 52-week low
NEW DELHI : Shares of Sun Pharma today plunged 20% in a sudden fall in late trade before seeing some recovery at close. Shares fell to a 52-week low of ₹350.4 intraday on BSE as compared to their Friday's close of ₹438 on Friday.
The fall in Sun Pharma shares were accompanied by higher volumes. Trading volume was over five times its 30-day average, Bloomberg data showed. Sun Pharma shares settled 6% lower at ₹412.15.
In comparison, the Sensex today settled 1% lower. Sun Pharma's board will meet on 28 May to consider and approve its financial results for the fourth quarter and year ended March 31, 2019.
Sun Pharma Advanced Research Company (SPARC) also came under strong selling pressure. SPARC is a clinical stage bio-pharmaceutical company and was formed in 2007 through a demerger from Sun Pharma. SPARC shares fell as much as 17% to ₹130, hitting a 52-week low.
SPARC shares also saw a recovery later and ended 7% lower at ₹146.