Dr Reddy's Labs slumps 9% on weak Q1 earnings

Consolidated net profit was down 80% at Rs 126.3 core for the June quarter

Shares of Dr Reddy's Labs were down nearly 9% at Rs 3,033 in early morning trade on the Bombay Stock Exchange after the pharma major registered weak earnings as erosoin of values in US assets impacted revenues while no fresh launches also led to pricing pressure. (For detailed report please click here)

The pharma major reported a sharp 80% decline in consolidated net profit at Rs 126.3 core for the June quarter, compared with net profit of Rs 625.7 crore in the corresponding period a year ago.

Total revenues for the quarter under review declined 14 per cent to Rs 3,234.5 crore, from Rs 3,757.8 crore in the year-ago period.

The stock opened at Rs 3030 and touched a low of Rs 3005 . At 9:20am, nearly 1 million shares were traded on both the stock exchanges.