Dr Reddys Laboratories plunge post USFDA audit in Plant-5

The shares of Dr Reddy’s Laboratories plunged today after the multinational pharmaceutical company announced on Thursday that an audit has been conducted at its API manufacturing Plant-5 in Telangana by USFDA, after which, the agency issued a form 483 with three observations.

In an exchange filing released on March 5, 2020, the company informed that an audit was carried out in its Active Pharmaceutical Ingredient (API) manufacturing Plant-5 at Miryalaguda in Nalgonda District of Telangana by United States Food & Drug Administration (USFDA). Following this, the federal agency issued a form 483 with three observations. Dr Reddy’s Laboratories said that they would address the issues comprehensively within the stipulated time period.

Dr Reddy’s Laboratories has been catering to the needs of pharmaceutical sector for over two decades in India and overseas. Incorporated in 1984, the company has over 190 medications with 60 APIs for drug manufacture, diagnostic kits, critical care and biotechnology product.

At 11.19 am on Friday, the stock of Dr Reddy’s Laboratories Ltd is trading at Rs 3,150.75, down by 0.94 per cent against its previous close of Rs 3,180.75. Its 52-week high is Rs 3,363.00 while, its 52-week low is Rs 2,352.00 on BSE.