Cadila shares falls as broking firm downgrades stock

Stocks

oi-Sunil

By Sunil Fernandes

Updated: Monday, February 11, 2013, 10:16 [IST]

Shares of Cadilla Healthcare dropped sharply on the bourses following a disappointing set of numbers and on broker downgrade. The stock was last trading at Rs 745, down almost 6 per cent on the Bombay Stock Exchange.

Cadila standalone net profit for the quarter ending December 31 fell from Rs 134.2 crore in the corresponding quarter last year to Rs 33.9 crore this year, a huge dip of 295%.

The company attributed the declines to one-time cost and higher tax outgo.

Credit Suisse downgraded the stock to "neutral" from "outperform", citing delay in contribution from higher margin products.

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