Dr Reddy’s Labs share price falls USFDA issues 3 observations for Telangana firm
by mydhanush on 11 December 2023, 2 min read
Share price of Dr Reddy’s Laboratories declined over 5 percent in the morning session on December 11 after the US Food and Drug Administration (USFDA) issued three observations for the company’s plant in Telangana state.
The observations range from unclean equipments and utensils to failure in explaining any unexplained discrepancy, according to media reports.
The US drug regulator had inspected the Bachupally unit between October 19 and October 27, 2023, after which it had issued the Form 483 with the 10 observations.
Dr Reddy’s Labs Bachupally unit contributes to 30 percent of its overall revenue from the US. It manufactures four out of the top 10 products like Ciprodex, Nexium, Valcyote and Toprol generic.
Dr Reddy’s Labs share price was trading at Rs 5467.75 per share on NSE, down Rs 306.30 pr 5.31 percent.
The stock has risen 31 percent in the last one year and over 38 percent in 2023.
The stock declined 5.6 percent in December so far after an 8 percent rise in November. It has gained the most in June, up 14.6 percent, and lost the most in May, down 8.7 percent.
Meanwhile, the company also announced on the exchanges that its Board of Directors of the Company has approved the allotment of 9,181 equity shares of Rs 5 each of the Company, fully paid up, on December 9, 2023, to employees pursuant to the exercise of their Stock Options.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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