Cipla fell 2.19% to Rs 606.05 at 12:32 IST on BSE after a foreign brokerage downgraded the stock to reduce from neutral rating, citing valuation to be expensive.
Meanwhile, the S&P BSE Sensex was up 52.72 points or 0.2% at 26,545.23.
On BSE, so far 1.50 lakh shares were traded in the counter as against average daily volume of 2.20 lakh shares in the past one quarter.
The stock hit a high of Rs 627.80 and a low of Rs 603.85 so far during the day. The stock had hit a record high of Rs 639.05 on Tuesday, 16 September 2014. The stock had hit a 52-week low of Rs 366.70 on 24 February 2014.
The stock had outperformed the market over the past one month till 16 September 2014, surging 38.31% compared with Sensex's 1.49% rise. The scrip had also outperformed the market in past one quarter, jumping 49.82% as against Sensex's 5.17% rise.
The large-cap company has equity capital of Rs 160.58 crore. Face value per share is Rs 2.
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According to the report, the valuation of Cipla looks expensive as the brokerage sees limited upside risk to earnings in the near term.
Cipla's consolidated net profit declined 39.3% to Rs 294.58 crore on 13.6% growth in net sales to Rs 2647.20 crore in Q1 June 2014 over Q1 June 2013.
Cipla is a global pharmaceutical company. Its portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.
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