Cipla saw its net profits falling sharply by 23 per cent, for the quarter ending Dec 31 to Rs 263 crores. Higher expenses led to operational weakness, which saw the stock dip by 5.2 per cent to Rs 390.
Coal India also saw a drop in net profits by 11 per cent to Rs 3894 crores, pushing the stock lower by 2.26 per cent at Rs 263.
Weak results from Cipla also dragged other stocks lower like Lupin Labs and Ranbaxy Labs. However, Sun Pharma, the other major Indian pharma rallied 1 per cent, following a good set of numbers posted by the company.
Hindustan Media, which also declared its numbers that were in line with expectations gained 1 per cent.
Meanwhile, Indian markets were trading lower with the Sensex falling 90 points in early trade.