Shares of API and formulations manufacturer Shilpa Medicare hit a 52-week low for the third day in a row on Thursday. The stock has been on a losing streak since November 4 and has tanked nearly 12 percent in the last 12 straight trading sessions.
The stock hit a 52-week low of Rs 275 on Tuesday and a new low of Rs 274 on the next day. On Thursday, the stock declined by over 7 percent to hit a 52-week low of Rs 273.05 in opening trade.
Shares of Shilpa Medicare have declined over 66 percent since April this year.
The company reported a net loss of Rs 18.66 crore on a consolidated basis in the September quarter as against a net profit of Rs 19.96 crore in the year-ago quarter. Its sales dropped by 10.96 percent to Rs 262.91 crore from Rs 295.27 crore in the year-ago quarter.
Shilpa Medicare reportedly plans to sell a stake in its active pharmaceutical ingredient business, which is its high-revenue generating unit. The company hived off the unit into a separate entity this July.
The stock is currently trading at Rs 273.80, down 0.54 percent.
