(Reuters) -Shares of Dr Reddy's Laboratories dropped 6% on Friday and were on track for their worst session in nearly nine months, after missing its third-quarter profit estimates on lower sales and pricing pressures in the key North American market.

Shares of Dr Reddy's Laboratories fell by 5% as the company's third-quarter profit rise failed to impress investors. The stock closed lower on both BSE and NSE, wiping off a market valuation of Rs 5,399.

Dr Reddy's Laboratories shares dropped nearly 7% on Friday after the company reported a slight increase in net profit for the third quarter, disappointing investors.

Dr Reddy’s Laboratories on Thursday said its consolidated net profit increased 2 per cent to Rs 1,413 crore in the third quarter ended December 31, 2024. The Hyderabad-based drug major had reported a profit of Rs 1,379 crore for the October-December period of last fiscal.

Dr Reddy’s Laboratories reports 2% increase in net profit, attributing growth to new acquisitions and product launches.

Hyderabad: Despite posting record revenues, pharma major Dr Reddy's Laboratories on Thursday reported a marginal 2% increase in consolidated profit after tax (PAT attributable to equity holders) at 1,