 "Dr Reddy's hits four month low; dips over 20% post USFDA warning letter")
Shares of Dr Reddy’s Laboratories were continue under pressure down 4% at Rs 3,358, extending its past two days 18% decline on the BSE, on concerns that the warning letter issued by the US drug watchdog will impact the company’s new drug approvals.
The stock currently trading at its lowest level since June 18, 2015 and 10% away from its 52-week low of Rs 3,010 touched on February this year.
The company on Friday received a warning letter issued by the US Food and Drug Administration (USFDA), relating to its three plants Srikakulam, and Miryalaguda, Telegana along with the oncology formulation business at Duvvada.
G V Prasad, co-chairman and chief executive (CEO), said at an analysts’ call on Monday that they were in the process of determining whether or not to confine the third-party evaluation to the three facilities.
He stated that it was going to take significant time and effort to implement the measures required. CLICK HERE TO READ FULL REPORT.
The stock currently trading at its lowest level since June 18, 2015 and 10% away from its 52-week low of Rs 3,010 touched on February this year.
The company on Friday received a warning letter issued by the US Food and Drug Administration (USFDA), relating to its three plants Srikakulam, and Miryalaguda, Telegana along with the oncology formulation business at Duvvada.
G V Prasad, co-chairman and chief executive (CEO), said at an analysts’ call on Monday that they were in the process of determining whether or not to confine the third-party evaluation to the three facilities.
He stated that it was going to take significant time and effort to implement the measures required. CLICK HERE TO READ FULL REPORT.
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