India's leading pharma company fell sharply in early deals today
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Cipla said its first quarter net profit surged 120 percent to 651 crore rupees compared with 295 crore rupees in the same quarter a year ago. Sales during April-June jumped 43 percent to 3,777 crore rupees versus 2,647 crore rupees in the same period last year.
The strong performance was ignored by traders who preferred to press the Sell button on the stock.
As a result, Cipla fell 29.60 rupees, or 4 percent, to 710 rupees on the
Cipla's market capitalisation has soared 58 percent in the past one year to 59,460 crore rupees as investors bought into the growing exports story and the relative safety of sales and profit of pharma companies.
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(Image credits: Indiatimes)
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