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Dr Reddy's Issues Recall for Six Drug Lots in US Over Subpotency Concerns
Dr Reddy's Shares Fall 10% As Profits Crash
Shares in Dr Reddy's came crashing down by a huge 10 per cent, after numbers at the company were a major disappointment.
"We have come through a very difficult first quarter with our top and bottom lines impacted by a decline in volume growth particularly in the US market and the loss of business in Venezuela," DRL's Co-chairman and CEO GV Prasad said.
The company had reported Rs 625.7 crore net profit for the same quarter last fiscal, the company said in a statement.
"We also faced price erosion and delayed launches due to the warning letter, which significantly impacted our earnings," the CEO noted.
Several brokerages cut their target on the stock following the results. Among the noted firms that have downgraded the stock include Jefferies, credit Suisse and Macquaire.
The shares of Dr Reddy's was last trading at Rs 3016 on the NSE.
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