The Sun’s not up for Sun Pharma today!
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Sun Pharmaceuticals Ltd, India's biggest drug maker, plunged as much as 15 percent on Tuesday after the company gave a sales and profit warning for FY16 following its purchase of smaller rival Sun Pharma's Chairman
Meanwhile, the stock fell 114 rupees, or 12.2 percent, to 832.75 rupees on the
Sun's conference call also resulted in a slew of brokerage reports. Among them,
Another brokerage BoFA ML cut its target on Sun Pharma to `950 from `1,063 while maintaining its Neutral stance. It expects Sun's FY16 to be a washed out year but sees a strong recovery in FY18.
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All brokerages, however, retain their medium-term bullishness on Sun Pharma.
(Image credits: sunpharma)
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