Mumbai: Shares of Cipla on Monday plummeted by nearly 5% in the early trade on the Bombay Stock Exchange (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% decline in its net profit to Rs232.69 crore for the third quarter ended 31 December, 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% to an intra-day low of Rs308.50 a piece on the BSE.
Similarly, the scrip witnessed a plunge of 4.87% to trade at Rs308.50 in the morning session on the National Stock Exchange (NSE).
“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.
Meanwhile, the 30-share benchmark Sensex was quoting at 18,079.85, up 71.70 points from previous close at 11:17 am.