BENGALURU, May 15 Reuters Drugmaker Granules India posted a 1.6 fall in fourthquarter revenue on Wednesday, hurt by a decline in paracetamol sales and price erosion.

The company39;s consolidated revenue fell yearonyear to 11.76 billion rupees nearly 141 million for the three months to March 31.

Granules, which focuses on making active pharmaceutical ingredients API, holds 30 of the global market for Paracetamol. It makes the drug39;s API as well as the finished dosage the readyforconsumption product.

Still, weak sales of the drug and price erosion due to heightened competition hurt its revenue. This is despite analysts expecting Indian API makers, including Granules, to benefit from increasing demand from Europe and the U.S., the industry39;s biggest markets.

Shares fell as much as 2.6 after it reported its results.

Rivals Glenmark Life Sciences and Laurus Labs posted lower fourthquarter profits.

Glenmark39;s revenue was hit by issues stemming from the Red Sea crisis while Laurus was challenged by multiple factors including a decline in selling prices of antiretroviral products.

A 9.5 drop in Granules39; raw material expenses, meanwhile, helped its quarterly profit climb 8.4 to 1.30 billion rupees.

API makers use a variety of chemicals in their formulations, including hydrochloric acid and chloroform, accounting for a majority of the drugmakers39; input costs.

The easing costs had helped its profit marginally climb in the third quarter as well, before which…