Dr Reddy's Lab shares down 2 pc

Shares of Dr Reddy's Laboratories today fell by 2 per cent after the company said that a class action lawsuit has been filed against it in the US by an investor alleging misleading statements in violation of the US federal securities laws.
The stock fell by 2.01 per cent to end at Rs 2,045.95 on BSE. During the day, it dipped 2.78 per cent to Rs 2,029.70.
On NSE, shares of the company declined by 1.85 per cent to end at Rs 2,049.40.
The stock was the worst hit among the bluechips in both key indices Sensex and Nifty.
The lawsuit filed at the District Court for New Jersey seeks damages to compensate the class of investors for a 'purported decline' in the company's share price allegedly caused by the misstatements or omissions, Dr Reddy's Laboratories said in a filing to BSE.

The company has yet not been served with the lawsuit and cannot comment on the "specific allegations in the pending litigation other than to state that the company believes the asserted claims to be without merit", it added.