DRL shares plunge after adverse US court ruling

​Hyderabad: Shares of Dr Reddy's Laboratories on Monday slumped nearly 11 per cent following a decision made by the District Court of New Jersey with respect to further sale and commercialisation of its product in the US.After opening the day on a weak note, the stock further plunged 9.48 per cent to Rs 2,097.70 on BSE. 

On NSE, shares of the company cracked 10.77 per cent to Rs 2,069.95. Dr Reddy's Lab on Saturday said it will appeal the decision of the US District Court of New Jersey regarding further sale and commercialisation of its Buprenorphine and Naloxone sublingual film in America. "The company disagrees with the court's decision, and will vigorously appeal it," Dr Reddy's said in a BSE filing. 

The company intends to appeal the decision made by the US District Court of New Jersey in a preliminary injunction hearing with respect to further sale and commercialisation of its product in the US, it added. The product is indicated for treatment of opioid dependence. The company recently announced the launch of generic version of Plaquenil, used to treat malaria, lupus erythematosus, and rheumatoid arthritis, in the US.