2025-01-24 09:57:27 am | Source: Reuters
Indian drugmaker Dr Reddy's shares slide after Q3 profit miss
Shares of Dr Reddy's Laboratories dropped 6% in early trade on Friday, a day after the company reported a third-quarter profit that fell short of market estimates due to lower sales and pricing pressures in the key North American market.
The generic drugmaker's shares were on track for their worst day in nearly nine months and were the top loser on the benchmark Nifty 50 index, which was 0.3% higher.
Indian generic drugmakers are struggling with slower sales in the United States, delayed approvals for new drug applications and lower pricing amid stiff competition.
At least four brokerages slashed price targets on Dr Reddy's stock, while three cut their ratings, LSEG data showed.
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