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Dr Reddy's Lab's Stock Down 6%, Losses Extend To Second Day

Due to falling US sales and GST, Dr Reddy's Laboratories net profit fell more than 56 per cent for the June quarter.
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Dr Reddy's Labs stock slumped 5.96 per cent to Rs 2,465 on BSE.
Dr Reddy's Labs stock slumped 5.96 per cent to Rs 2,465 on BSE.
New Delhi: Shares of Dr Reddy's Laboratories today tanked over 6 per cent after the drug firm reported a 56.61 per cent dip in consolidated net profit for the quarter ended June.

Extending its last session's losses, the scrip further slumped 5.96 per cent to Rs 2,465 on BSE.

At NSE, shares of the company tumbled 6.45 per cent to Rs 2,451.10. The stock had fallen by over 3 per cent in the previous trading session also.

Dr Reddy's Laboratories yesterday reported 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.


(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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