Divis Labs shares 0.23% as Nifty drops

Divis Laboratories share price closed at Rs 1,442.00, down 0.23% on the NSE

The benchmark Nifty 50 index closed 0.23% lower at 17,554.45 on Wednesday, dragged by losses in IT and auto stocks. Pharma major Divis Laboratories was among the top losers on the index, with its shares falling 0.23% to close at Rs 1,442.00. The stock has been under pressure in recent weeks due to concerns about the impact of the COVID-19 pandemic on its business. The company's revenue and profits have been declining in the past few quarters. However, analysts believe that the stock is now trading at attractive valuations and could be a good long-term investment. The company has a strong track record of growth and is expected to benefit from the increasing demand for generic drugs. In other news, the Nifty IT index fell 1.2% on Wednesday, led by losses in Infosys, Wipro, and HCL Technologies. The Nifty Auto index also fell 1.1%, dragged by losses in Maruti Suzuki, Tata Motors, and Mahindra & Mahindra. The broader market also closed lower, with the BSE Sensex falling 0.21% to close at 58,849.57.