Dr Reddy's Laboratories declined 4.43% to Rs 3,321 at 15:25 IST on BSE after the company announced weak Q1 results.
The result was announced during market hours today, 26 July 2016.Meanwhile, the BSE Sensex was down 139.41 points, or 0.5%, to 27,955.93.
On BSE, so far 1.32 lakh shares were traded in the counter, compared with an average volume of 31,000 shares in the past two weeks. The stock hit a high of Rs 3,516.95 and a low of Rs 3,305.15 so far during the day.
Dr Reddy's Laboratories' (DRL) consolidated net profit fell 76.28% to Rs 153.50 crore on 14.06% decline in total income to Rs 3289.50 crore in Q1 June 2016 over Q1 June 2015.
DRL's Co-chairman and CEO, GV Prasad said that the company has come through a difficult first quarter, with its top and bottom lines impacted by a decline in volume growth, particularly in the US market and the loss of business in Venezuela. DRL also faced a number of challenges in the quarter including price erosion and delayed launches as a result of the warning letter, which significantly impacted its earnings, Prasad said. However, the company continues to take actions that focus on remediation, strengthening its quality systems and executing on its strong product pipeline, Prasad said. DRL remains focused on generating long term, sustainable growth, he added.
Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products - Dr Reddy's offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.
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