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Dr Reddy's Lab drops after receiving Form 483 for plant

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Dr Reddy's Laboratories lost 0.41% to Rs 2,666 at 9:43 on after the company said the US drug regulator has issued Form 483 with one observation for its formulations plant in

The announcement was made after market hours on Friday, 16 June 2017.

Meanwhile, the S&P Sensex was up 150.97 points or 0.49% at 31,207.37.

On the BSE, 5,666 shares were traded on the counter so far as against the average daily volumes of 39,467 shares in the past one quarter. The stock had hit a high of Rs 2,677.10 and a low of Rs 2,647 so far during the day. The stock had hit a 52-week high of Rs 3,689 on 20 July 2016 and a 52-week low of Rs 2,382.05 on 29 May 2017.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 1.69% compared with the Sensex's 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 2.73% as against the Sensex's 4.97% rise. The scrip had also underperformed the market over the past one year, declining 12.14% as against the Sensex's 17.08% rise.

The large-cap company has equity capital of Rs 82.89 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories announced that the audit of its Formulations Srikakulam Plant (SEZ) Unit I, Andhra Pradesh, by the United States Food and Drug Administration (USFDA), has been completed on 16 June 2017. The company has been issued a Form 483 with one observation, which it is addressing.

Dr Reddy's Laboratories' consolidated net profit rose 175.4% to Rs 337.60 crore on 5.4% decline in net sales to Rs 3554.20 crore in Q4 March 2017 over Q4 March 2016.

Dr Reddy's Laboratories is an integrated global pharmaceutical company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 19 2017. 09:43 IST