Shares of Dr Reddy’s Laboratories declined nearly 8 percent after the company said the US FDA issued observations for its manufacturing plant in Hyderabad
Shares of Dr Reddy’s Laboratories declined nearly 8 percent on Monday after the company said the US FDA issued observations for its manufacturing plant in Hyderabad. Shares plunged as much as 7.81 percent to Rs 2,555.55 per share intraday on the BSE.
Shares of the pharma major settled at Rs 2,616.95 on the BSE, down 5.60 percent from its previous closing.
On the NSE, Dr Reddy’s shares fell 5.59 percent to Rs 2,615.00 per share at the close.
The USFDA completed an audit of Dr Reddy’s formulations manufacturing plant-3 at Bachupally, Hyderabad, and has issued a Form 483 with 11 observations, the company said in a BSE filing on February 8.
The Bachupally manufacturing plant had also received 11 USFDA observations in April 2017. “These observations are mostly procedural in nature, reflecting the need to improve people capabilities and strengthen documentation and laboratory systems,” said the company in a BSE filing dated April 28, 2017.
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First Published: IST