Natco Pharma stock price plunges after weak Q3 results
Shares of Natco Pharma fell nearly 5 per cent Wednesday after the company reported a 26.72 per cent fall in consolidated net profit for the December 2018 quarter. The company's stock dropped 4.68 per cent to close at Rs 635 on BSE. During the day, it plunged 6.88 per cent to Rs 620.30 -- its 52-week low.
On the NSE, shares went down by 4.79 per cent to close at Rs 634.75. Drug firm Natco Pharma Tuesday reported a 26.72 per cent fall in consolidated net profit to Rs 159.3 crore for the December 2018 quarter, mainly on account of margin reduction of Oseltamivir in the US market.
It had posted a net profit of Rs 217.4 crore for the corresponding quarter of the previous fiscal, Natco Pharma said in a filing to BSE. Consolidated total revenue of the company stood at Rs 580 crore for the quarter under consideration as against Rs 573.6 crore for the same period a year ago. "The decline in profits during the quarter compared to last year was predominantly due to margin reduction of Oseltamivir in the USA market," Natco Pharma said.
(With inputs from agencies.)