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

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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."

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