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Dr Reddy’s Lab slumps 4% ahead of Q1 earnings

Dr. Reddy's, Financial Results, stock market

Mumbai: Dr Reddy's Lab shares fell as much as 3.75 per cent with huge volumes on Monday. As of 12.16 p.m., 30,000 shares of the drugmaker had changed hands on the Bombay Stock Exchange against its 2-week average volume of 27,000 shares.

Analysts noted that the selling in Dr Reddy's Lab has emerged ahead of the drugmaker's Q1 earnings, scheduled for Tuesday. Some traders said investors may be booking profits ahead of Q1 earnings announcement tomorrow.

Dr Reddy's shares have witnessed a strong rally in last one month, with shares rising nearly 15 per cent as against 6 per cent gain in the broader Nifty.

As of 12.27 p.m., Dr Reddy's shares traded 3.42 per cent lower at Rs 3,476.60 underperforming the broader Nifty, which was down 0.46 per cent.

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