Cohance Lifesciences shares drop over 5% amid heavy volumes; here is what reports say

Shares of the Hyderabad-based contract development and manufacturing organisation, Cohance Lifesciences formerly known as Suven Pharmaceuticals, fell as much as 6.25% to hit an intraday low of ₹906 on the National Stock Exchange on the back of heavier than usual trading volumes. On the BSE, Cohance Lifesciences shares fell as much as 6.05% to hit an intraday low of ₹909.

On the National Stock Exchange, trading volume in Cohance Lifesciences shares spiked by 251 times to 3.89 crore shares as against an average trading volume of 1.55 lakh shares.

On the BSE, 7.5 lakh shares changed hands compared with an average of 36,000 shares traded daily in the past two weeks.

Last week, Cohance Lifesciences informed exchanges that United States Food and Drug Administration (USFDA) completed a general current Good Manufacturing Practices (cGMP) audit at its API manufacturing facility located at Jaggaiahpet, Andhra Pradesh with zero Form 483 observations.

Cohance Lifesciences Q1 earnings

Cohance Lifesciences net profit in the first quarter of current financial year dropped 83% to ₹49 crore from ₹75 crore in the same period last year. Th sharp decline in profit came on the back of higher expenses.

Its revenue from operations advanced 12.5% to ₹549 crore from ₹488 crore.

The company's operating profit also known as EBITDA declined 10.5% ₹112 crore and its EBITDA margin contracted by 520 basis points 20.36%.

As of 10:30 am, Cohance Lifesciences shares traded 5.4% higher at ₹915, underperforming the BSE500 index which was up 0.32%.