Cipla shares down 2.4 % post Q2 results

Shares of drug major Cipla closed down by 2.45 per cent, wiping out Rs 1,228.13 crore from its market valuation, as the company's September quarter results were "below" market expectations.
Cipla fell by 2.93 per cent to Rs 605.85 in day trade before closing at Rs 608.85, down 2.45 per cent on the BSE.
On the NSE, it lost 2.29 per cent to end at Rs 609.35.
The fall in stock eroded Rs 1,228.13 crore in market valuation which was Rs 48,885.87 crore at close.
At the volume front, 3.10 lakh shares of the company changed hands at the BSE, while over 25 lakh shares were traded at the NSE during the day.

"Cipla posted results for Q2 FY15 below expectations on all fronts," said Sarabjit Kour Nangra, VP Research - Pharma, Angel Broking.

Cipla had yesterday reported a consolidated net profit of Rs 298.68 crore for the quarter ended September on account of robust sales in domestic market.
The company had posted a net profit of Rs 358.06 crore during the same period of previous fiscal.
Net sales of the company stood at Rs 2,629.81 crore for the second quarter, while the same stood at Rs 2,483.47 crore during the same period of previous fiscal, Cipla had said in a filing to the BSE.

The company had said results for the quarter are not comparable to the previous fiscal due to Mabpharm becoming a subsidiary of the company in July.
It had said that its domestic sales during the second quarter grew by 20.5 per cent to Rs 1,251 crore, up from Rs 1,039 crore during the same period of previous fiscal.