Dr Reddy’s Laboratories, India’s second-largest drugmaker by revenue, reported a 17 per cent drop in its second-quarter profit, pushing its shares down nearly 3 per cent.
The company, whose formulations include drugs for cardiovascular disorders, oncology and pain management, posted a net profit of 5.74 billion rupees ($93.6 million) compared with 6.90 billion rupees a year earlier.
Dr Reddy’s shares were down 2.5 per cent at Rs 3,004 at 0657 GMT in Mumbai, while the broader market was up 0.4 per cent.