Sun Pharma Drops 4% After Goldman Sachs Downgrades To Sell

The global financial firm attributed the downgrade to Sun Pharma’s spending in speciality pharma which will impact the company’s profit growth.

Shares of Sun Pharma dropped nearly 4 percent intraday on June 11 after brokerage firm Goldman Sachs downgraded the stock to sell and cut the target price from Rs 437 to Rs 355.

The global financial firm attributed the downgrade to Sun Pharma’s spending in speciality pharma which will impact the company’s profit growth.

The company had reported a 52.63 percent decline in consolidated profit at Rs 635.88 crore for the quarter ended March 31, 2019.

The company had a net profit of Rs 1,342 crore in the same quarter last year.- Money Control