, in its filing to the exchanges, informed that its wholly-owned subsidiary of Sun Pharma Laboratories has been incorporated and will commence -distributing Sun Pharma's formulation products in India with effect from April 2019, on the same terms as was with Aditya Medisales.
This will be done in a phased manner upon receipt of requisite regulatory approvals. "This phased transition is expected to be fully complete by Q1 of FY20," the company said in a press note after markets hours to the exchanges on Monday.
The transition and consequential one-time reduction in sales and profit will impact Sun Pharma's financial results for the period ended March 31, 2019, the company added.
Further, the company completed assignment of its business rights and obligations including those arising from the supply contract with Sun Pharma to a wholly owned subsidiary of Sun Pharma. This has no material impact on the profit or loss for the year ended March 31, 2019, the company added.
Sun Pharmaceuticals Industries Ltd ended at Rs460.35, down by Rs2.35 or 0.51%, from its previous close of Rs462.70 on the BSE.
The scrip opened at Rs469.90 and touched a high and low of Rs469.90 and Rs460.35, respectively. A total of, 24,64,959 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,10,873.27cr.