The fall in Dr. Reddy's Laboratories was triggered by concerns around USFDA observations for its formulations Plant - 3 at Bachupally, Hyderabad. Read more
The Sensex is down 94 points at 35,782, while the Nifty slipped 40 points at 10,706. The market breadth was negative with 586 shares advancing, 1,109 shares declining, and 364 remaining unchanged.
Shares of Page Industries dropped 8% after brokerage firm Credit Suisse said that it expected the downgrade cycle to be over and continued to like the company's structural story on market share gains and network expansion.
Also, the brokerage firm has upgraded the stock to "neutral" and lifted the target to Rs23,300 per share. The company reported a 22.2% increase in its net profit for the December 2018 quarter at Rs101.9cr, compared to Rs83.4cr a year ago.
Infratel, Power Grid, NTPC, and BPCL are trading higher on the NSE, while Dr.Reddy’s, JSW Steel, and Sun Pharma are trading lower.
Volatility index India VIX was up 5.23% at 16.59.
The most active stocks were Yes Bank, Dr.Reddy’s, ITC, RIL, and Axis Bank.