Dr Reddy's Labs slips after plant gets 11 observations

Dr Reddy's Laboratories fell 3.04% to Rs 2688 at 9:24 IST on BSE after the company said its formulations manufacturing plant in Hyderabad received a Form 483 with 11 observations from the USFDA.

The announcement was made after market hours on Friday, 8 February 2019.

Meanwhile, the S&P BSE Sensex was down 124.52 points, or 0.34% to 36,421.96.

On the BSE, 6252 shares were traded in the counter so far compared with average daily volumes of 46,000 shares in the past two weeks. The stock had hit a high of Rs 2699.95 and a low of Rs 2659.95 so far during the day. The stock hit a 52-week high of Rs 2,875 on 4 February 2019. The stock hit a 52-week low of Rs 1,888 on 21 May 2018.

Dr Reddy's Laboratories announced that the audit of its formulations manufacturing plant - 3 at Bachupally, Hyderabad by the US Food and Drug Administration (USFDA) completed on 8 February 2019. The company has been issued a Form 483 with 11 observations. The company said it will address them comprehensively within the stipulated timeline.

On a consolidated basis, net profit of Dr Reddy's Laboratories rose 65.28% to Rs 500.30 crore on 1.16% rise in net sales to Rs 3850 crore in Q3 December 2018 over Q3 December 2017.

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

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