Shares in Biocon Ltd slump 5.3 percent after earnings disappointed some investors.
Biocon said on Wednesday its December-quarter consolidated net profit rose 14 percent to 1.05 billion rupees.
Some analysts cited disappointment over operating margins, with Kotak Institutional Equities expressing concerns about research and development margins.
"R&D margin at 2.9 percent is the lowest in the past several quarters, which raises concerns on sustainability of the margin improvement," it said in a report.
Investors are also locking profits after the stock jumped 8.5 percent in the previous three sessions.