Cipla slips despite strong Q1 performance

Cipla's Q1FY16 consolidated net more-than-doubled to Rs. 650.61 crore when compared with Rs. 294.58 crore in Q1FY15.

Cipla has slumped nearly 5.5 percent to a low of Rs. 703 in early morning deals despite reporting strong Q1 earnings.

Cipla's Q1FY16 consolidated net more-than-doubled to Rs. 650.61 crore when compared with Rs. 294.58 crore in Q1FY15. Total income rose by 41.3 percent to Rs. 3,902 crore from Rs. 2,760 crore.

The selling at the counter can be attributed to profit-taking as the stock has rallied 4.5 percent in the preceding two trading sessions.

The stock is now down nearly 4 percent at Rs. 712. The counter has seen trades of around 349,000 shares as against the two-week daily average volume of around 149,000 shares on the BSE.

Meanwhile, the Sensex is now down 250 points at 27,816.