Dr.Reddy’s Labs in deep red

Dr.Reddy’s Labs is in serious deep red today morning, with the stock price falling 8% to Rs.2555.55. Its 52-week high and low stands at Rs.2875 and Rs.1888 respectively.

Once again concern on the US FDA front. The company, on Friday, stated, “the audit of our Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad by the US FDA, has been completed today. We have been issued a Form 483 with 11 observations.”

The company has said that these issues comprehensively within the stipulated time frame.