Dr Reddy's share price falls over 10 per cent: Here's the reason why
Dr Reddy's Share Price News, Dr Reddy's Share Price Today: Dr Reddy's Laboratories shares fell over 10 per cent after the company announced its June quarter results. The pharma major on Tuesday reported a 36 per cent decline in consolidated net profit for the first quarter.
On Wednesday, the company's stock plummeted more than 3 per cent to trade just below at Rs 4,700 on the NSE and 2.95 per cent to trade at Rs 4,701 on the BSE at 11:47 am.
Earlier on Tuesday, Dr Reddy's share price tumbled 10.44 per cent to close at Rs 4,844.35 on the BSE. On the NSE, it plunged 10.31 per cent to close at Rs 4,853.20.
Dr Reddy's Laboratories has reported a decline of 36 per cent in its consolidated net profit at Rs 380.4 crore for the quarter ended June 30, 2021. The company attributed this fall to higher expenses. The company had posted a net profit of Rs 594.6 crore in the corresponding period a year ago.
The pharma major's total income during the June quarter of the current fiscal stood at Rs 5,053 crore, up 12 per cent as against Rs 4,513.6 crore in the year-ago period.
Earlier on July 7 this year, Dr Reddy's share price touched a 52-week high of Rs 5,613.65. It touched a 52-week low of Rs 3,963.85 on July 27 last year.
