Ranbaxy Laboratories has widened its loss during the quarter ended December 31, 2014, at ₹1,029.72 crore. In the same quarter of the previous fiscal, the company had posted net loss of ₹158.94 crore.
The company’s total income has also spiralled to ₹2,618. 8 crore during the December quarter of this fiscal against ₹ 2,893.9 crore in the year-ago quarter.
Chief Executive Officer Arun Sawhney attributed the loss, despite “good growth in India, Russia, Asia-Pacific and Latin America during the quarter” to global currency depreciation in some markets.
The company suffered foreign exchange loss of ₹132.6 crore during the third quarter. A high tax expense of ₹888.1 crore was also responsible for the staggering losses recorded by the company.
The company, which is set to merge with Sun Pharma, noted a growth of 12 per cent in India.
The company’s scrip on the BSE took a massive hit on Wednesday on the back of the disappointing number. The Ranbaxy stock closed down 1.01 per cent at ₹699.75.