Dr Reddy's extends falls; Morgan Stanley, BofA downgrade

Shares in Dr. Reddy's Laboratories Ltd slip 2.3 percent to 2,551 rupees, adding to their 4.1 percent fall on Tuesday as the drugmaker continues to be hit by disappointment over its January-March earnings.

Bank of America-Merrill Lynch downgraded the stock to "underperform" from "buy," and cut its price target to 2,550 rupees from 3,180 rupees, citing a "moderation in core earnings and limited upside."

Morgan Stanley downgraded Dr. Reddy's to "equalweight" from "overweight" and lowered its price target to 2,719 rupees from 3,078 rupees, saying earnings growth could be hit by a "high base in the U.S., limited new launch visibility and rising R&D spending."

EDITORIAL OF THE DAY

  • Mental illness needs to be treated not dismissed as madness

    We’re all mad here.” So said the Cheshire cat to Alice (Alice in Wonderland, Lewis Carol). It’s a matter of perspective who we call mad.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Sanskrit: a victim of academic schizophrenia

J Robert Oppenheimer, the father of the atomic bomb and ...

Zehra Naqvi

God save the child

Childhood is supposed to be the best phase in life. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture