Dr Reddys shares plunge nearly six percent after 11 observations by USFDA

The company's shares tumbled 5.60 per cent to close at Rs 2,616.95 on BSE. During the day, it tanked 7.81 per cent to Rs 2,555.55.

New Delhi: Hyderabad based multinational pharmaceutical player Dr Reddy's Laboratories' shares dropped nearly six per cent on Monday after the audit of the company's formulations manufacturing plant in Hyderabad was completed by USFDA with 11 observations.

The company's shares tumbled 5.60 per cent to close at Rs 2,616.95 on BSE. During the day, it tanked 7.81 per cent to Rs 2,555.55.

At NSE, shares dropped 5.57 per cent to close at Rs 2,615.35.

Also Read: Dr Reddy’s Q3 profit up by 45 per cent at Rs 485 crore

On the volume front, 1.13 lakh shares of the company were traded on BSE and over 18 lakh shares on 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 BSE on Friday.

We will address them comprehensively within the stipulated timeline, the filing added.

The company was founded by Anji Reddy, who previously worked in the mentor institute Indian Drugs and Pharmaceuticals Limited, of Hyderabad, India.

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