Dr Reddy’s Laboratories Ltd, a prominent pharmaceutical company, experienced a downturn as its shares fell by 0.5 percent, reaching Rs 5,300, marking the third consecutive day of losses.\ This decline followed cautious statements from brokerages despite the company’s Q2 recovery. Kotak Institutional Equities and Citi issued “sell” calls on the stock, while Nuvama recommended a “hold” position.
In the second quarter ending September 2023, the company’s India business recorded revenue of ₹1,186 crore, showing a modest three percent year-on-year growth.
It’s worth noting that the India business exhibited growth in the mid-single digits when excluding the revenue loss caused by the National List of Essential Medicines (NLEM)-related price reduction.
By 1:28 pm, Dr Reddy’s Laboratories’ shares continued their downward trend, trading 1.20 percent lower at ₹5,274.50.
