Unhealthy numbers pull down Dr Reddy's

DALAL STREET SPIKES

Domestic pharma major, Dr Reddy's was the biggest loser among the Sensex stocks on Monday. Disappointing Q4 results and aggressive selling by FIIs pulled down the stock.

Opening with a negative gap of Rs 80, the stock crashed 10.29 per cent in today's trading to finally close at Rs 796.25. The stock touched an intra-day low of Rs 763.25 on volumes of 1.94 lakh shares at the BSE.

According to an institutional dealer, aggressive selling by a leading FII broker in the morning trade pulled the stock down. The company for the quarter ended March 31, 2004, on a stand-alone basis, registered a 91 per cent decline in net profit Rs 10.76 crore from Rs 119.59 crore in the same quarter last year.

Company's net sales declined 1.4 per cent to Rs 396.90 crore from Rs 402.60 crore.