Dr Reddy's Laboratories Shares Plummet Despite Profit Increase

Shares of Dr Reddy's Laboratories fell by 5% as the company's third-quarter profit rise failed to impress investors. The stock closed lower on both BSE and NSE, wiping off a market valuation of Rs 5,399.33 crore. The company reported a minor profit increase and higher revenues.

Shares of Dr Reddy's Laboratories declined sharply on Friday, closing 5% lower after the pharma giant's third-quarter earnings failed to meet investor expectations.

The stock ended at Rs 1,224.70 on the BSE, having plunged 6.65% during the day. In parallel, it closed 4.90% lower on the NSE. The market valuation dropped by Rs 5,399.33 crore, settling at Rs 1,02,187.12 crore.

This drop occurred despite Dr Reddy's reporting a 2% increase in net profit to Rs 1,413 crore for the December quarter, alongside increased revenue of Rs 8,359 crore. Investors may have anticipated greater gains.

(With inputs from agencies.)