Shares of Dr Reddy’s Laboratories fell for the third straight session today, down over 3 per cent, after the drug firm reported a 56.61 per cent dip in consolidated net profit for the June quarter. The stock dipped 3.11 per cent to settle at Rs 2,385.50 on BSE. During the day, it lost 3.41 per cent to Rs 2,378 — its 52-week low. On NSE, shares of the company slipped 3.31 per cent to end at Rs 2,383.20.
In the past three days, the stock has lost nearly 12 per cent, wiping out Rs 5,398.96 crore from its market valuation. Dr Reddy’s Laboratories on Thursday reported a 56.61 per cent fall 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 had 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.