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Shares of Dr. Reddy's Laboratories extended losses from Thursday, falling as much as 6.6 per cent to their lowest since May 30. The stock was the top percentage loser on the NSE index.
Dr Reddy's Labs' Q1 net profit more than halved due to regulatory hurdles, pricing pressures in the United States, and the new tax structure.
“We see earnings growth slowing down in FY18 before recovering in FY19 and FY20,” Morgan Stanley analysts said.
Slowdown will come from higher competition in the US, lack of new product approvals, and higher costs, they added.
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