Sun Pharma woes for fund managers

Domestic fund managers seem to have gone wrong with the timing of their bet on Sun Pharmaceutical. The country’s biggest pharma company was the most-bought stock by mutual funds in April. A total of 27 million shares worth ~2,534 crore were bought at an average price of ~940. Subsequently, the stock has fallen over 10 per cent, after the company posted weak March quarter earnings on account of the Ranbaxy integration. The stock, currently below ~850, is expected to remain under pressure in the short term, say analysts.