Sun Pharma Advanced Research Company (SPARC), belonging to Sun Pharmaceutical, has suffered heavy setback during the first quarter ended June 2016 as it incurred a net loss of Rs.36.41 crore as against Rs.1.65 crore in the corresponding period of last year. The company's net sales also declined sharply 51 per cent to Rs.21.48 crore from Rs.43.44 crore. EPS worked out to negative Rs.1.47 as compared to Rs.0.07 in last period.

Its equity capital increased to Rs.24.69 crore from Rs.23.67 crore with the rights issue. The company allotted 102.04 lakh shares of Rs.1 each at a price of Rs.245 per equity shares during April 2016. Promoters are holding 67.7 per cent equity stake. As at the end of June 2016, the company has spend only Rs.38.22 crore on its activities and there is a balance of Rs.211.78 crore.

SPARC scrip declined today by Rs.18.55 or around 5 per cent to Rs.357.15 after announcement of poor financial performance.