Shares of Aceto Corp. tumbled 29 percent on the Nasdaq stock market Friday after the Port Washington-based drugmaker reported a sharp drop in profit for the most recent quarter.

Aceto shares fell $4.71 cents to $11.33 on Friday. At one point in trading, the stock hit a 52-week low of $11.28.

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The company reported Thursday night a profit of $2 million for the three months ended June 30, a 71 percent decline from $6.8 million for the 2016 period.

In a teleconference with stock analysts on Friday, Aceto CEO Sal Guccione blamed the decline on competition among manufacturers of generic drugs. He said drug prices will continue to fall in fiscal 2018, which began July 1, but new drugs also will be introduced.