Dr Reddy's Lab receives 3 observations for New York API manufacturing plant

The pharma firm said it will address all observations comprehensively within the stipulated timeline

Shares of Dr. Reddy's Laboratories came off the day's high after the drug maker said its API manufacturing plant at New York received three observations from US drug regulator.

In a regulatory filing during market hours today, Dr. Reddy's said, "The audit of our API manufacturing plant at Middleburg, New York has been completed by the US FDA. We have been issued a Form 483 with 3 (three) observations."

Dr. Reddy's said it will address all observations comprehensively within the stipulated timeline. Currently, the company does not have any sales from this plant.

Shares of Dr. Reddy's Laboratories came off the day's high of Rs 4,520 to trade 1% higher at Rs 4,495 on BSE.

Dr Reddy's Laboratories is an integrated pharmaceutical company. Through its three businesses - pharmaceutical services & active ingredients, global generics and proprietary Products. It reported a consolidated net profit of Rs 27.90 crore in Q3 FY21 as compared to net loss of Rs 538.40 crore in Q3 FY20. Net sales during the quarter rose 12.5% YoY to Rs 4,929.60 crore.