Sun Pharmaceutical Industries shares dropped 3.5 percent in early trade Friday after its subsidiary Taro's operating profit margin for the March quarter was below analyst estimates.
Israeli generic firm Taro's fourth quarter net profit grew by 4.2 percent year-on-year to USD 49.2 million and net sales rose by 13.8 percent Y-o-Y to USD 165.1 million during the quarter. Also Read - Wockhardt tanks 20% on US FDA import alert
However, operating profit margin fell by 740 basis points to 38.2 percent in January-March quarter FY13 as against 45.6 percent in a year ago period.
Sun Pharma will report its fourth quarter and full year earnings on May 28.
At 09:49 hours IST, the stock was quoting at Rs 972, down 3.43 percent on Bombay Stock Exchange.
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