Sun Pharma is down almost 3% at Rs.977, with an intra day low at Rs.966. Its 52-week low is at Rs.554.

The stock is down as the market is disappointed with the performance of its subsidiary – Taro, the Israeli generic firm. Taro, for Q4FY13 posted a 4% (YoY) rise in net profit at US$49.2 million on a 14% rise in net sales at US$165.1 million.

But the market is more perturbed with the margins – OPM fell 740 bps at 38.2% v/s 45.6% on YoY. Sun Pharma will present its consolidated numbers for Q4 and FY13 on 28^th May and the market is now worried that it might come much below expectations.