Dr.Reddy’s hits new low

Right now, ‘Russia’ is a bad word and companies who have a presence there are being beaten. Dr.Reddy’s is one such company. For the past over 30 years, it has been in Russia. In fact, in 2020, it signed with Russia’s sovereign wealth fund, Russian Direct Investment Fund, a pact for clinical trials and distribution of Sputnik V vaccine in India.

The market had celebrated that pact then but today, with war clouds on the horizon, punters are getting out of the stock like ants from a destroyed anthill.

The stock, which had closed yesterday at Rs.4198.75, opened lower today at Rs.4065 and went down further to hit a new 52-week low at Rs.4055.85 though it has recovered now to Rs.2099 levels.