Dr Reddy’s plant gets FDA observations

Hyderabad: Shares of Dr Reddy's Laboratories dropped nearly 6 per cent Monday after audit of the company's formulations manufacturing plant in Hyderabad was completed by USFDA with 11 observations. 

The company's stock tumbled 5.60 per cent to close at Rs 2,616.95 on the BSE. During the day, it tanked 7.81 per cent to Rs 2,555.55. On the NSE, shares dropped 5.57 per cent to close at Rs 2,615.35. On the volume front, 1.13 lakh shares of the company were traded on the BSE and over 18 lakh units on the NSE.  

"This is to inform you that the audit of our formulations manufacturing plant- 3 at Bachupally, Hyderabad by USFDA, has been completed. We have been issued a form 483 with 11 observations," Dr Reddy's Labs said in a filing to the BSE on Friday. "We will address them comprehensively within the stipulated timeline," the filing added.