Solara Active Pharma Sciences is very much in the news today. The company, infact had three news to share.
Firstly, the performance for Q4FY22. The company reported a PAT of Rs.1.8 crore v/s loss of Rs.140 crore (QoQ) v/s Rs.57 crore profit in Q4FY21. The company’s revenue rose 249% sequentially and down 19% YoY at Rs.367 crore.
Secondly, the MD & CEO, Rajender Rao Juvvadi submitted his resignation with effect from April 28, 2022. The former CEO and MD, Jitesh Devendra, will now return to Solara as MD, to steer the reset strategy of the company.
Thirdly, the company's board decided to shelve its proposed merger with Aurore, to enable the company's focus on its core competency and organic growth. This merger was announced in April’21, which was catapult Solara into being India's second-largest pure-play API Company.
As all the three news were not good, the stock price naturally tanked. The stock opened lower at Rs.631, only to fall further to a new 52-week low at Rs.545.75.