Shares of Dr Reddy's Laboratories, a major pharmaceutical company in India, saw a decline of 2.11% to ₹1,303 following downgrades from Goldman Sachs and Citigroup. Goldman Sachs downgraded the stock to 'Sell' and significantly reduced its target price from ₹1,225 to ₹1,075, citing concerns about the company's growth prospects and the potential of the Ozempic opportunity being smaller and shorter-lived than previously expected. This downgrade was accompanied by a reduction in earnings per share (EPS) estimates by 8-26% for the fiscal years 2026 to 2028, reflecting a weaker earnings outlook. Citigroup also maintained a 'Sell' rating with a target price of ₹1,070, emphasizing that even if recent product approvals are confirmed, the upside appears overstated due to intense market competition. Overall, both brokerages highlighted limited visibility in Dr Reddy's product pipeline and ongoing price erosion in its generics business, leading to cautious investor sentiment despite previous optimism around niche product approvals.