India's Suven Pharma hits over 2-month low after qtrly profit falls

Cohance Lifesciences

31/05/2024 07:33

** Shares of Suven Pharmaceuticals Ltd  SUVH.NS  fall as
much as 4.8% to 602 rupees, their lowest since March 18
    ** Co reported a ~57% fall in its fourth-quarter consol net
profit to 533.7 mln rupees ($6.4 mln), while rev fell 31.5% Y/Y
    ** "Revenue growth was impacted by shipment delays caused by
client-specific inventory de-stocking," co said in a statement
    ** Stock on track to fall for the second straight day
    ** More than 581,000 shares traded as of 11:56 a.m. IST,
4.8x their 30-day moving avg
    ** SUVH last down 1.6%, adding to YTD losses of ~14.4%


($1 = 83.2875 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))