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Shares of Cipla on Monday plummeted by nearly five per cent in the early trade on the BSE, hit by a dip in the drug firm’s third quarter net profit.
On Friday last week, the company had reported a 19.49 per cent decline in its net profit to Rs 232.69 crore for the third quarter ended December 31, 2010, primarily due to high prices at its Indore plant and rupee appreciation.
Reacting to the muted numbers, shares of Cipla plunged by 4.84 per cent to an intra-day low of Rs 308.50 a piece on the Bombay Stock Exchange (BSE).
Similarly, the scrip witnessed a plunge of 4.87 per cent to trade at Rs 308.50 in the morning session on the National Stock Exchange.
“Cipla reported dismal third quarter with growth on the domestic front tapering after strong second quarter and operational cost at Indore SEZ continues to hamper margins,” a brokerage firm PINC said in a report.
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