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Sun Pharma's shares slumps, heads towards biggest fall ever

2015-07-21 09:08:39| Chemicals - Topix.net

Sun Pharmaceutical Industries shares slumped 16% on Tuesday, heading towards their biggest ever fall in a day, after the drugmaker's warning that 2016 sales would be flat at best due to costs related to remediation work at its plants. Analysts estimate a roughly 8-10% hit to profit for the year as Sun Pharma struggles to fix manufacturing problems at one of its own key plants and those of Ranbaxy Laboratories, the troubled rival it bought last year.

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