Shares of Cipla fell over 3 per cent on Bombay Stock Exchange (BSE) despite the drug major reporting an over two-fold jump in its consolidated net profit to Rs 650.61 crore for the quarter ended June 30, 2015. The company had posted a net profit of Rs 294.58 crore for the corresponding period of the previous fiscal. Domestic sales grew by 8.4 per cent to Rs 1,397 crore during the first quarter (Q1) of FY16, up from Rs 1,289 crore during Q1 of FY15. The growth in domestic sales was largely on account of growth in respiratory, anti-infectives, cardiac and gastro intestinal therapies, Cipla said in a filing to BSE.
Following the development, shares of the company dropped 3.65 per cent to Rs 713.50 a piece on BSE.
In a similar trend, shares of the company dipped 3.87 per cent to Rs 710.95 a piece on National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 27,648.77, up 136.51 points, or 0.50 per cent at 11.25 hours.