Brokerage houses remained divided in their recommendation on Sun Pharmaceutical Industries Ltd., but almost all of them revised target prices lower prompted by weak fourth quarter earnings.
Morgan Stanley was the most bearish with a target price of Rs 468 a piece. With current price of Sun Pharma hovering around Rs 500, the revised target price offers a potential downside of approximately eight percent.
Being the largest player in its space by market capitalisation, the stock makes an appearance in schemes of India’s top mutual fund houses. Individual schemes like UTI Growth Sectors Fund has nearly 17 percent of its holding in Sun Pharma whereas SBI Magnum Sector Fund has a holding worth more than $ 15 million in the stock.
Below is a list of schemes with over ten percent exposure to the Indian pharmaceutical major.
Sun Pharma was owned by 395 mutual fund schemes at the end of March 31, 2017. The value of holding at the closing price of March 31, 2017 stood at Rs 8,850 crore and slipped to Rs 6,590 crore at the close of trade on May 29, 2017.
Shares of Sun Pharmaceutical plunged more than 10 percent on the Indian stock exchanges on Monday.
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