Dr Reddy's drops after maintaining OAI status for facility

Dr Reddy's Laboratories dropped 1.98% to Rs 2,126.25 at 9:51 IST on BSE after the company said that the US drug regulator has maintained official action indicated status for its active pharmaceutical ingredient manufacturing plant.

The announcement was made on Sunday, 25 February 2018.

Meanwhile, the S&P BSE Sensex was up 217.16 points or 0.64% at 34,359.31.

On the BSE, 19,807 shares were traded on the counter so far as against average daily volumes of 49,901 shares in the past one quarter. The stock had hit a high of Rs 2,148 and a low of Rs 2,080 so far during the day. The stock had hit a 52-week high of Rs 2,955 on 17 February 2017 and a 52-week low of Rs 1,901.65 on 11 August 2017.

The stock had underperformed the market over the past one month till 23 February 2018, falling 14% compared with the Sensex's 5.53% fall. The scrip had also underperformed the market over the past one quarter sliding 6.16% as against the Sensex's 1.65% rise. The scrip had also underperformed the market over the past one year dropping 24.94% as against the Sensex's 18.17% rise.

The large-cap company has equity capital of Rs 82.95 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories said that United States Food & Drug Administration (USFDA) has maintained official action indicated (OAI) status for the company's active pharmaceutical ingredient (API) manufacturing plant at Srikakulam, Andhra Pradesh after the audit.

The company has received the establishment inspection report to that effect. The USFDA has asked the company for more details. The company is providing those details and continuing to engage with USFDA for resolution of pending issues.

Dr Reddy's Laboratories' consolidated net profit fell 38.5% to Rs 302.70 crore on 2.7% growth in net sales to Rs 3806 crore in Q3 December 2017 over Q3 December 2016.

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

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