FII disenchantment dulls Dr Reddy's

DALAL STREET SPIKES

Pharma major Dr Reddy's was one of the biggest losers at the BSE with the stock plunging 6.43 per cent. According to market sources, there was selling pressure from FIIs which lead to an initial fall in the stock prices in the morning trade with the stock hitting an intra-day low of Rs 896.60.

The stock finally closed at Rs 899.60 with volumes amounting for more than 2.11 lakh shares at the BSE. The stock of pharma major has been on a decline over the past few trading sessions. From Rs 1,240 on February 27, the stock has now lost 38.38 per cent to today's close of Rs 899.60.

Analysts tracking pharma sector said, with no major trigger expected from the company shortly, various funds are moving out of the DRL counter.

Also with no likely launches in the near term, which will generate huge money, as it would have done from amlodipine maleate, players are shifting to other sectors such as cement and auto, said a market analysts.

However, DRL witnessed good activity in the derivatives segment with open interest going up, analyst added.