 "Dr Reddy's")
Shares of Dr Reddy’s Laboratories shed nearly 30 per cent in intra-day trade on Friday, following a statement issued by the Food and Drug Administration. The US drug regulator indicated in the statement that the manufacturing standards at the company’s Bachupally plant in Telangana were sub-par. However, the stock recovered later in the day.
The plant, along with its Srikakulam and Duvvada plants in Andhra Pradesh, is the key supplier of drugs exported to the US market. North America is the single largest market for Dr Reddy’s and accounts for more than 40 per cent of its revenues.
The plant, along with its Srikakulam and Duvvada plants in Andhra Pradesh, is the key supplier of drugs exported to the US market. North America is the single largest market for Dr Reddy’s and accounts for more than 40 per cent of its revenues.
