Dr Reddy's drops for second straight day

The scrip slipped to a low of Rs 950 and finally ended at Rs 952, down around 4% from the previous close. The counter clocked volumes of 116,392 shares on the BSE 
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(Updated at 1050hrs)

Dr Reddy's has shed in early trades following a recall of four of its drugs from US.

The stock opened at Rs 982 and touched a high of Rs 983. However, it slipped 3.5% to touch a low of Rs 955. The stock is now down over 2% at Rs 966. However the stock has gained 23% in the past month. Around 38,076 shares have been traded on the BSE so far.

Dr Reddy's has recalled four products from its key US market. The products were recalled because of oversized capsules. The capsules are used to treat major depression associated with mood disorders and anxiety, for hay fever and allergies, for lowering cholesterol and preventing cardiovascular disease and for treating schizophrenia.

The US accounts for 35% of Dr Reddy's turnover of close to Rs 6,945 crore, which includes active pharmaceutical ingredient sales.

Yesterday, in intraday trades the stock had tumbled 7% from its high to a low of Rs 940.