Cipla corrects over 8% in five sessions

Cipla fell 0.72% to Rs 889.45, extending losses for the fifth trading session.

Shares of Cipla have fallen 8.43% in five consecutive sessions from their recent closing high of Rs 971.30 hit on 30 November 2021.

On a year-to-date (YTD) basis, the stock has risen 15.03% while the benchmark Sensex has added 26.98% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 24.89. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 932.97, 922.24 and 917.20, respectively.

The drug major's consolidated net profit grew 7% year on year to Rs 711.36 crore on 10.32% rise in net sales to Rs 5,485.84 crore in Q2 FY22 over Q2 FY21.

Cipla is a global pharmaceutical company focused in India, South Africa, North America, and key regulated and emerging markets. Its strengths lies in the respiratory, anti-retroviral, urology, cardiology, anti-infective and CNS segments.

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