IPCA Laboratories slips on weak Q2 earnings

Net profit for the quarter ended September 2015 slumped nearly 81% to Rs 11.7 crore compared to September 2014 quarter

Shares of IPCA Laboratories were down nearly 3% at Rs 760 on the Bombay Stock Exchange after the company's net profit for the quarter ended September 30, 2015 slumped nearly 81% to Rs 11.7 crore compared with Rs 61.3 crore in the corresponding quarter last fiscal on the back of lower sales.

Net sales for the quarter under review were down 4.2% at Rs 749.2 crore compared with Rs 780.6 crore in the quarter ended September 30, 2014.

The stock opened at Rs 770 and touched a low of Rs 750. At 12:45pm, over 117,000 shares were traded on both the stock exchanges.