Dr Reddy's Lab down 5% to hit 52-week low, top Sensex loser

Dr Reddy's laboratory
Dr Reddy's Laboratories slipped to its 52-week low of Rs 2,602, down 5% on BSE in intra-day trade on back of heavy volumes.

The BSE said the exchange has sought clarification from Dr Reddys Laboratories on March 21, 2017, with reference to news flashed on ET Now dated March 21, 2017 quoting "US FDA finds repeat observations from 2015 warning letter. Failed to maintain complete data to ensure compliance."

The reply is awaited.

Earlier, on March 9, 2017, the stock of pharmaceutical company hit a low of Rs 2,702 after it said the US drug regulator issued a Form 483 with 13 observations for the company’s formulation manufacturing facility at Duwada, Visakhapatnam.

“The audit of Company's formulation manufacturing facilty at Duwada, Visakhapatnam, by the US FDA, has been completed on March 08, 2017. The Company has been issued a Form 483 with 13 observations, which the Company is addressing,” Dr Reddys Laboratories had said in a BSE filing.

At 10:47 am; the stock was down 4% at Rs 2,630 on BSE as compared to 0.11% decline in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 858,883 shares changed hands on BSE and NSE so far.

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