Dr Reddy's Laboratories share closed over 5% lower after the pharma firm announced profit lower than estimates in Q3. Profit was hit by an impairment charge worth Rs 600 crore.
The pharma stock closed 5.69% or Rs 277 lower at Rs 4,598 against previous close of Rs 4,876 on BSE.
The stock has lost 9.51% in the last 3 days. The share touched an intraday low of Rs 4,550, falling 6.69% on BSE.
The share stands higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. The stock has gained 46% in one year and lost 11.63% since the beginning of this year.
Market cap of the firm fell to Rs 76,474 crore on BSE.
Dr Reddy's Laboratories reported a consolidated net profit of Rs 27.9 crore in Q3 against net loss of Rs 538.4 crore during the same period of the previous fiscal.
Revenue from operations stood at Rs 4,941.9 crore in last quarter, up 12.38 per cent. In Q3 of 2019, total revenue from operations was stood at Rs 4,397.1 crore.
Prasad said the profits were impacted due to trigger-based impairment charge taken on a few acquired products.
"We are progressing well on the phase 3 clinical trials for Sputnik V vaccine in India. We continue to focus on enhancing our product offerings to our patients to serve them better," he added.