Neuland Laboratories was trading over 5% lower at Rs 480 as investors booked profits at higher levels after 17% gains in the previous few sessions on expectations of robust second quarter earnings.
Net profit for the quarter ended September 30, 2014 surged nearly 50% to Rs 5.15 crore compared with Rs 3.44 crore in the same quarter last fiscal.
Net sales during the second quarter were up 18% at Rs 120 crore compared with Rs 102 crore in the corresponding September quarter last fiscal.
Further, the board also said it has allotted 12,22,472 fully-paid up Equity Shares of Face Value of Rs. 10 each, out of the Rights Issue of 12,25,276 Equity shares and the balance has been kept in abeyance.
The stock opened at Rs 499 and touched a low of Rs 463. At 12:20PM, over 49,000 shares were traded on the BSE and NSE.
