Dr Reddy's cracks 11% on USFDA warning for API facilities
Reacting to the report, the scrip slumped 11.6 per cent to hit a low of Rs 3,758.95. The company's generates 10-12 per cent of its revenue stream from Srikakulam plant.
By ET Online | Updated:
NEW DELHI: Shares of Dr Reddy's Laboratories slumped over 10 per cent on Friday after the United States Foods and Drug Administration sent a warning letter to the laboratory giant on its API facilities in Srikakulam and Mriyalaguda as well as over its oncology facility in Duvvada, Vishakhapatnam.
Reacting to the report, the scrip slumped 11.6 per cent to hit a low of Rs 3,758.95. The company's generates 10-12 per cent of its revenue stream from Srikakulam plant.
"We have changed the manufacturing site for Nexium drug which was earlier produced at Srikakulam plant," Saumen Chakraborty of Dr Reddy's Lab told ET Now.
GV Prasad, CEO, Dr Reddy's Lab said, "We have embarked on an initiative to revamp our quality systems and processes as an organisation-wide process."
Reacting to the report, the scrip slumped 11.6 per cent to hit a low of Rs 3,758.95. The company's generates 10-12 per cent of its revenue stream from Srikakulam plant.
"We have changed the manufacturing site for Nexium drug which was earlier produced at Srikakulam plant," Saumen Chakraborty of Dr Reddy's Lab told ET Now.
GV Prasad, CEO, Dr Reddy's Lab said, "We have embarked on an initiative to revamp our quality systems and processes as an organisation-wide process."
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