Dr Reddy's Lab shares gain 3 percent on zero USFDA observations for Srikakulam plant

New Delhi: Shares of Dr Reddys Laboratories rose by nearly 3 percent after the company said the USFDA has completed its API Srikakulam plant audit with no observations.

The stock went up by 2.86 per cent to close at Rs 1,996.95 on the BSE. During the day, it jumped 4.25 percent to Rs 2,024.05. On the NSE, shares of the company gained by 2.4 percent to end at Rs 1,988.

The stock was the biggest gainer among the blue chips on both the key indices.

The company's market valuation rose by Rs 912.62 crore to Rs 33,122.62 crore.

On the equity volume front, 1 lakh shares of the company were traded on BSE and over 14 lakh shares changed hands on the NSE during the day.

In a filing to the BSE on Saturday, Dr Reddy's said, "This is to inform you that the audit of our API Srikakulam plant (SEZ), Andhra Pradesh by the USFDA, has been completed with no observations."