Dr Reddy's Labs slips after USFDA issues 5 observations on API plant

Dr Reddy's Laboratories fell 1.15% to Rs 3,152.05 after the US drug regulator issued five observations on the company's Active Pharmaceutical Ingredients (APIs) plant at Srikakulam, Andhra Pradesh.

The audit of the company's active pharmaceutical ingredient (API) manufacturing plant at Srikakulam, Andhra Pradesh (CTO VI), by the United States Food and Drug Administration (USFDA), has been completed on 28 January 2020. The plant was issued a Form 483 with 5 observations. The company said it will address them comprehensively within the stipulated timeline.

Shares of Dr Reddy's Laboratories jumped 20.11% in the past one year. On the technical front, the stock's RSI (relative strength index) stood at 76.703. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

On a consolidated basis, the drug major recorded net loss of Rs 569.70 crore in Q3 December 2019 compared with net profit of Rs 485.20 crore in Q3 December 2018. Consolidated revenues rose 14% to 4383.80 crore in Q3 December 2019 over Q3 December 2018. The result was declared during trading hours on Monday, 27 January 2020.

Dr Reddy's Laboratories offers a portfolio of products and services including Active Pharmaceutical Ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations. Its major markets include - USA, India, Russia & CIS countries, and Europe.

Powered by Capital Market - Live News