Divi's Lab shares down over 4% post earnings

MUMBAI: Shares of drug firm Divi's Laboratories today fell over 4 per cent in early trade after the company's first quarter results failed to meet market expectations.

Divi's Lab shares fell by 4.18 per cent to Rs 1,449 on the BSE.

On the NSE, the company's stock was down 4.11 per cent to Rs 1,448.20.

Later the stock saw some recovery but was still trading in the red, down 1.69 per cent to Rs 1,486.65 at 1135 hrs on the BSE.

Divi's Laboratories had yesterday reported a standalone net profit of Rs 167.93 crore for the first quarter ended June 30.

The company had posted a net profit of Rs 174.71 crore during the same period in the previous fiscal.

However, net sales of the company on a standalone basis increased 24.01 per cent to Rs 639.76 crore during the April-June quarter as against Rs 515.88 crore in the same period of previous financial year, Divi's Laboratories Ltd had said in a filing to the BSE.