Dr Reddy's Laboratories Ltd, India's second-largest drug-maker has been warned by the US Food and Drug Administration over inadequate quality control procedures at three of its manufacturing plants in India.
Dr Reddy's shares fell as much as 12 percent in early trade to their lowest level since July 30 after a letter by the FDA was issued to them.
The warning letter was issued by the FDA for Dr Reddy's Srikakulam, Miryalaguda and Duvvada drug manufacturing plants, which are based in southern India.
The letter followed FDA inspections of these sites in November, January and February, and the company will respond to the agency in 15 days, Dr Reddy's said in a statement on Friday.
The stock price of Dr Reddy's Laboratories was quoting at Rs. 3655.60, down Rs. 597. The 52-week high of the share was Rs. 4382.95 and the 52-week low was Rs. 3010.00.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app