Torrent Pharma shares drop 7 % post Q4 earnings announcement

Shares of Torrent Pharmaceuticals Tuesday plunged over 7 per cent in morning trade a day after it reported a loss of Rs 152 crore for the quarter ended March 31, 2019.

By PTI  
Tuesday, May 21, 2019

Shares of Torrent Pharmaceuticals Tuesday plunged over 7 per cent in morning trade a day after it reported a loss of Rs 152 crore for the quarter ended March 31, 2019.

The company posted a profit of Rs 228 crore in the same quarter of 2017-18 financial year, as per a BSE filing on Monday.

The net loss of Rs 152 crore in the latest quarter is on account of exceptional items of Rs 357 crore and lower hedging gains, the company said.

On the BSE, the stock after opening on a negative note of Rs 1,634.90 further slipped 7.88 per cent to Rs 1,525.20.

Following the downtrend, on the NSE the scrip touched Rs 1,525.35, a decline of 7.80 per cent over its previous close of Rs 1,654.40.

Out of Rs 357 crore worth exceptional items, Rs 217 crore pertains to impairment provision of certain intangible assets under development and goodwill recognised with respect to the acquisition of Bio-Pharm Inc.

An amount of Rs 140 crore is in relation to product recalls made during the current year, the drug firm said.

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