India's Neuland Laboratories falls on Q2 profit drop

Neuland Laboratories

06/11/2024 08:20

** Shares of Neuland Laboratories  NEUL.NS  slump 14.2% to
13,599.95 rupees, set for worst day since mid-May
    ** Drug maker reports a 63% fall in Sept-qtr consol profit
at 328.4 million rupees ($3.9 million), while rev from ops drops
26% 
    ** Busiest session since mid-Oct; more than 115,000 shares
change hands, about three times the 30-day avg 
    ** Stock has surged ~160% so far this year, set for fifth
straight year of gains
    ** Peers Torrent Pharmaceuticals  TORP.NS  and Aurobindo
Pharma  ARBN.NS  are up ~40% and ~29% YTD, respectively

($1 = 84.2100 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))