Dr. Reddy's Laboratories declined 2.44% to Rs 4,096.45, extending its losing run to fourth consecutive trading session.
Shares of Dr. Reddy's have declined nearly 5.2% in four trading sessions from its previous closing high of Rs 4,321 posted on 18 February 2022. The counter has fallen nearly 27% from its 52-week high of Rs 5613.65 hit on 7 July 2021. The stock hit a 52-week low of Rs 4,055.85 in intraday today.In one month, the stock has fallen 6.1% as compared to a 3.4% fall in Nifty 50 index.
The counter came under selling pressure amid rising geopolitical tensions in Russia and Ukraine. Russian President Vladimir Putin announced military action on Thursday. The company has a strong presence in Russia and Europe overall. Revenues from Europe market stood at Rs 410 crore in Q3 FY22. The drug maker also partnered with Russian Direct Investment Fund (RDIF) for the development of Sputnik V vaccine.
On the technical front, the stock's RSI (relative strength index) stood at 30.626. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 4517.64 and 4626.56 respectively. These levels will act as crucial support zones in near term.
Dr. Reddy's Laboratories is an integrated pharmaceutical company. It offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy's operates in markets across the globe. Our major markets include - USA, India, Russia & CIS countries, and Europe.
The drug maker reported a consolidated net profit of Rs 706.50 crore in Q3 FY22, steeply higher than 19.80 crore in Q3 FY21. On a consolidated basis, the company's revenue from operations rose 7.91% to Rs 5319.70 crore in in Q3 FY22 over Q3 FY21.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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