Dr Reddy's shares down over 2% amid charges of packaging lapse

Shares of Dr Reddy's Laboratories fell by over 2 per cent today after the US Consumer Product Safety Commission approached the US Department of Justice seeking action against the company in a five year old case involving packaging for five blister-packed prescription products.
The stock went down by 1.95 per cent to settle at Rs 3,071.45 on BSE. During the day, it slipped 2.24 per cent to Rs 3,062.30.
On NSE, it declined 2.13 per cent to close at Rs 3,070.95.
The drugmaker had earlier said the company was under the scanner of the Department of Justice of USA for alleged violations of some provisions of the Consumer Product Safety Act.

In a filing with the US Securities and Exchange Commission, Dr Reddy's had said the issue pertains to compliance with requirements of special packaging for child resistant blister packs for the products sold by the company in the United States during 2002 and 2011.
"Dr Reddy's believes that it has complied with all applicable requirements of the Consumer Product Safety Act, including applicable packaging and reporting requirements," the company said in a statement today.
"However, according to a recent letter from the US CPSC, the Commission has decided to refer the matter to the US Department of Justice, with the recommendation that the Department initiate action," it said.