Sun Pharma falls on profit booking despite robust results, positive brokerage views

Analysts also consider investors booking profit a reason behind the stock declining.

“It can be said that some profit-booking is taking place in the market after the stocks substantial growth in the recent days," said Bhavesh Gandhi, AVP-Research, IIFL.

In the past five days, the stock has gained over 5 percent and has rallied over 10 percent over the past one month.

Jefferies has a ‘buy’ rating on Sun Pharmaceuticals at a target price of Rs 1,089, while CLSA also has maintained the ‘buy’ rating on the pharmaceutical stock with a target price of Rs 1,140.

CLSA believes that Sun Pharmaceutical’s strong base business comprised of India formulations and diversified operations in emerging markets can aid the stock is performing well.

Morgan Stanley has maintained an 'overweight' rating on the shares of the company with a target price of Rs 1,032. The brokerage firm notes that expansion to large new markets will augment growth for the pharmaceutical company.

Sun Pharmaceuticals stocks settled at Rs 917, falling 2.81 percent on the BSE.