Dr Reddy's shares closes nearly 4% down on weak Q3 result

Shares of Dr Reddy's Laboratories on Tuesday fell by nearly 4% after the company's December quarter earnings failed to meet market expectations. The stock went down by 3.61% to settle at Rs
2,959.65 on BSE. During the day, it lost 3.92% to Rs 2,950.

On NSE, shares of the company dropped by 3.6% to end at Rs 2,959.60. The company's market valuation diminished by Rs 1,887.11 crore to Rs 50,493.89 crore. "Dr Reddys Lab posted results below expectations both on top and bottom-line," said Sarabjit Kour Nangra, VP Research - Pharma, Angel Broking.

Dr Reddy's Laboratories on Tuesday posted a marginal increase in consolidated net profit at Rs 579.2 crore for the third quarter ended December 31, hit by weak sales in emerging markets like Russia, CIS nations and Romania.

The company had posted a net profit of Rs 574.5 crore during the same period of previous fiscal. Net income from sales and services rose to Rs 3,967.9 crore for the third quarter as compared to Rs 3,843.1 crore during the same period of previous fiscal, Dr Reddy's Laboratories said in a regulatory filing.