Solara Active Pharma hits new 52-week low on reporting loss in Q3

New Delhi: Shares of Solara Active Pharma Sciences were locked in the lower circuit of 20 per cent, also its new 52-week low as it posted a poor performance in the December 2021 quarter and following resignations of the key managerial persons.

The API manufacturer reported a net loss of Rs 139.87 crore in the quarter ended December 2021 as against the net profit of Rs 65.80 crore during the previous quarter ended December 2020.

The chief executive officer (CEO) and chief operating officer (COO) stepped down from their position, which was accepted and approved by the company board.

Following the developments, shares of Solara Active Pharma tanked 20 per cent, its daily circuit limit, to Rs 775.05 on Thursday. It had settled at Rs 968.80 on Wednesday.

BSE barometer and benchmark Sense was trading 332.15 points or 0.57 per cent higher at 58,798.12 at the time of writing this report.

Its sales declined 76 per cent to Rs 100.34 crore in the quarter ended December 2021 as against Rs 426.69 crore during the same period the previous year.

The scrip has tanked about 60 per cent from its 52-week high, hit in May 2021. The counter has dropped about 30 per cent in the year 2022 so far.

For the nine months ended on December 31, 2021, the company reported a net loss of Rs 60.1 crore as against a net profit of Rs 164.74 crore in the same period the previous year.