Dr Reddy's shares fall nearly 5% as June-qtr net dips

Shares of Dr Reddy's Laboratories today fell by nearly 5 per cent after its consolidated net profit declined by 80 per cent for the June quarter.
The stock went down 4.37 per cent to settle at Rs 3,322.85 on BSE. Intra-day, it lost 5.17 per cent to Rs 3,295.
At NSE, shares of the company fell 4.67 per cent to close at Rs 3,319.65.
In terms of volume, 1.54 lakh shares of the company were traded on BSE and over 15 lakh shares changed hands at NSE during the day.
Dr Reddy's Laboratories today said its consolidated net profit declined by 80 per cent to Rs 126.3 crore for the June quarter as sales slipped in the US and Venezuelan markets.

The company had reported Rs 625.7 crore net profit for the same quarter last fiscal, the company said in a statement.
Consolidated net income from sales and services declined 14 per cent to Rs 3,234.5 crore for the quarter under review as against Rs 3,757.8 crore in the year-ago period.
"We have come through a very difficult first quarter with our top and bottom lines impacted by a decline in volume growth particularly in the US market and the loss of business in Venezuela," DRL's Co-chairman and CEO GV Prasad said.