Dr Reddy's Labs slumps 8% as US FDA issues CRL for its version of NuvaRing

Shares of Dr. Reddy's Laboratories Limited cracked 8 per cent on the BSE in Wednesday's early morning trade on reports that the company has received a Complete Response Letter (CRL) from the US Food and Drug Administration for its generic version of contraceptive NuvaRing. According to a CNBC report, brokerage firm Citi believes that the NuvaRing launch is unlikely to happen before mid CY20.

A CRL is issued when the FDA decides not to approve new or generic drug application for marketing in its present form.

The company said it is preparing a response to the drug regulator’s letter, it