Dr Reddy's tanks over 3% ahead of Q1 results

Shares of pharma company Dr Reddy's ended lower by 3.78 per cent on Monday ahead of June quarter results. The drug firm recently launched generic acid reflux drug Omeprazole and Sodium bicarbonate capsules in the US market after receiving approval from the country's health regulator FDA.

Few days back, Dr Reddy's Laboratories Chairman K Satish Reddy said in the company's latest annual report that the growth would be driven by the attractive pipeline of complex generics as well as new proprietary products.

Edelweiss Securities in its report said Dr Reddy's is likely to disappoint with its weak Q1 earnings as competition in Valcyte and Vidaza will erode base business. At 01:18 pm, shares of the company traded at Rs 3,489.90 apiece, down 3.20 per cent from its previous close on the Bombay Stock Exchange (BSE).