Dr Reddy's shares slide over 3%; m-cap dips by Rs 1,488 cr

Shares of Dr Reddy's Laboratories today fell by over 3 per cent after the company reported a 56.61 per cent dip in consolidated net profit for the quarter ended June.
The stock went down by 3.29 per cent to settle at Rs 2,621.45 on BSE. During the day, it dipped 4.22 per cent to Rs 2,596.
At NSE, shares of the company slipped 3.21 per cent to close at Rs 2,620.35.
The stock was the worst performer on both the key indices.
The company's market valuation also fell by Rs 1,487.95 crore to Rs 43,452.05 crore.
Drug firm Dr Reddy's Laboratories today reported a 56.61 per cent dip in consolidated net profit to Rs 66.6 crore for the quarter ended June, mainly on account of lower revenues from the US and impact of GST in India.

The company had posted a net profit after taxes and share of profit of associates of Rs 153.5 crore for the same period of the previous fiscal, Dr Reddy's Laboratories said in a BSE filing.
Consolidated net sales of the company stood at Rs 3,248.9 crore for the quarter under consideration. It stood at Rs 3,185.7 crore for the corresponding period a year ago.