Sun Pharmaceutical Industries Ltd drops as much as 3.1 pct to 510 rupees, lowest since Oct 4.
Drugmaker posted 59 pct plunge in Sept-qtr profit, hurt by rising competition in generics market and greater pricing scrutiny in the United States.
"Believe the impact of pricing erosion on Sun has been magnified due to its high base. Its medium-term margin outlook is fraught with challenges due to operating leverage and incremental spends towards its specialty pipeline," Macquarie analysts wrote in a note.
Macquarie retained its "underperform" rating and price target of 440 rupees on stock.
Deutsche Bank says believes weak outlook in the United States will keep the near-term outlook subdued; raises price target to 469 rupees from 440 rupees, retains "hold" rating.
Sun Pharma stock had declined 16.5 pct this year as of Tuesday's close.
Fourteen of 37 brokerages covering stock rate it "buy" or higher, 12 "hold" and 11 "sell" or lower; median PT 490 rupees - Thomson Reuters Eikon data.