Shares of Cipla fell over 4 per cent on the Bombay Stock Exchange (BSE) after the company reported a sharp 69 per cent year-on-year drop in net profit to Rs 81 crore in the quarter ended March 2016 (Q4FY16), on account of one-off expenses related to inventory reduction and closure of business in some small-sized foreign markets.
The drug maker had profit of Rs 260 crore in the same quarter year ago. Income from operations grew 5.6 per cent to Rs 3,267 crore against Rs 3,093 crore in the corresponding quarter of previous fiscal.
Despite the news, shares of the company dropped 4.30 per cent to Rs 473.60 a piece on Bombay Stock Exchange.
Shares of the company dipped 4.06 per cent to Rs 474 a piece on National Stock Exchange.
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