Dr.Reddy’s Labs in the red
By Ruma Dubey
about 6 years ago
Dr.Reddy’s Labs is down in the red today morning, declining over 4.5% to Rs.2299. Its 52-week high and low is at Rs.3203.95 and Rs.1901.65 respectively.
The stock is down on unconfirmed news that its Duvvada facility has been issued an establishment inspection report (EIR) and is classified under Official Action Initiated (OAI) - regulatory sanctions by the drug regulator have been initiated.
This unit apparently has received 13 US FDA observations between Feb - March 2017 and has been under the warning category since 2015.
Till now, neither the stock exchange has asked for a clarification nor has the company announced anything on the Duvvada unit.