Laurus Labs hits 4-month low; stock slips 14% in 3 days post mixed Q2FY23

Despite mixed Q2FY23 performance, brokerages retain their 'buy' rating on Laurus Labs with a target price in the range of Rs 610 and Rs 630 per share.

Shares of Laurus Labs declined 6 per cent to hit four-month low of Rs 450 apiece in Tuesday’s intra-day trade, on the back of heavy volumes. The stock traded at its lowest level since June 23, 2022.

At 02:15 PM; the stock quoted 5 per cent lower at Rs 456.75, as compared to 0.19 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped nearly five-fold as around 6.5 million shares exchanged hands on the NSE and BSE.

In the past three days, the stock of pharmaceuticals company slipped 14 per cent and reported