Cipla shares slid as much as 7.40 per cent on Wednesday and hit their fresh 52-week low of Rs 458.25 after the pharma major on Tuesday reported disappointing financial results for the quarter ended March 31, 2016. The company reported 68.86 per cent fall in net profit figures at Rs 80.87 crore for the quarter under review as against Rs 259.66 crore in the corresponding quarter a year ago.
At 10.30 am, shares of Cipla were trading 5.76 per cent down at Rs 466.40. The scrip opened at Rs 479 and has touched a high and low of Rs 480.10 and Rs 458.25, respectively, in trade so far.
Later, the scrip closed 4.97 per cent down at Rs 470.30. However, Sensex closed 575 points up at 25,881.
Consolidated total income from operations of the company stood at Rs 3,266.54 crore for the quarter under consideration. It was Rs 3,092.69 crore for the year ago period.
Nirmal Bang Institutional Research in a research note said, “Cipla’s 4QFY16 performance was disappointing with reported revenues at Rs3270 crore, down 7 per cent and 3 per cent compared to our and Bloomberg consensus estimate, respectively.”
Angel Broking also said, the company posted much lower-than-expected financial results for the quarter ended March 2016.
In a separate filing, Cipla also recommended payment of dividend of Rs 2 per equity share (face value Rs 2 per equity share) for the year 2015-16.