Sun Pharma Declines as Regulatory Issue Puts Pressure on Profit
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Sun Pharmaceutical Industries Ltd., India’s largest drugmaker, fell in Mumbai trading as quarterly profit came under pressure from efforts to address regulatory issues at one of its factories.
Sun Pharma fell as much as 3.5 percent to 907.30 rupees in Mumbai today before trading at 915.25 rupees at 9:34 a.m. local time, the biggest decliner on the benchmark S&P BSE Sensex Index. Net income in the three months ended Dec. 31 fell 7 percent to 14.3 billion rupees ($230 million), the Mumbai-based company said Saturday, missing the median estimate of 16.5 billion rupees from 31 analyst estimates compiled by Bloomberg.