Extending its previous session's losses, shares of drug major Dr Reddy's Laboratories today slumped 10 per cent after the company's consolidated net profit declined by 80 per cent for the June quarter.
The stock plunged 9.86 per cent to Rs 2,995 on BSE.
On NSE, shares of the company tanked 10 per cent to Rs 2,986.35.
The scrip had lost nearly 5 per cent in the previous session also.
Dr Reddy's Laboratories yesterday said its consolidated net profit declined by 80 per cent to Rs 126.3 crore for the June quarter due to price erosion and dip in US sales, besides stoppage of dispatches to Venezuela due to a currency crisis.
The company had reported a net profit of Rs 625.7 crore for the same quarter last fiscal, said Saumen Chakraborty, President, CFO and Global Head of HR and Abhijit Mukherjee, Chief Operating Officer, DRL.
According to them, the decline in net profit is 75 per cent to Rs 153.5 crore as per Indian accounting standards.
DRL's 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.
