Cipla tanks by over 5% on poor Q3 profits

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Cipla tanks by over 5% on poor Q3 profits
Heavy sell off saw the shares of Cipla slipping more than 5 per cent in early trade after the Indian generic drug major reported a net profit growth of 16 per cent at Rs 270 crore.

Sales grew 13 per cent at Rs 1,758 crore.

The expectations were high due to the month of monsoon which is considered good for the drug companies.

The revenue was expected to grow by 20 per cent.

Shares of the company were trading 5.10 per cent lower closed at Rs 320.00 after hitting a monthly low of Rs 323.20 in the early trade.

In a similar fashion, shares of the company  at Rs 325.00, down 5.00 per cent on the National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting closed at 17848.57 up by 75.73 points or 0.43%.

Read more about: cipla, revenues, bse, results
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