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Dr Reddy's Laboratories share price falls despite USFDA closing warning letter for three sites

Dr Reddy's Labs share price ended 1.43% or Rs 63 lower at Rs 4,374 today

twitter-logoBusinessToday.In | August 28, 2020 | Updated 17:50 IST
Dr Reddy's Laboratories share price falls despite USFDA closing warning letter for three sites
Dr Reddy's Labs stock fell 1.76% intra day to Rs 4361 against previous close of Rs 4437 on BSE.

Dr Reddy's Labs share price fell in trade today despite the USFDA closing the warning letter for the pharma firm's three sites. The pharma share ended 1.43% or Rs 63 lower at Rs 4,374 today. The  stock fell 1.76% intra day to Rs 4361 against previous close of Rs 4437 on BSE.

The stock has fallen after 2 days of consecutive gain. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages

It has gained 74% in one year and 52% since the beginning of this year. Total 0.44 lakh shares changed hands amounting to turnover of Rs 19.51 crore.

Market cap of the pharma firm fell to  Rs 72,721 crore.

Sensex, Nifty close higher for 6th straight session, end 2.5% up this week

The firm said US health regulator was satisfied and said the company has addressed issues against three sites which were under scrutiny. The three sites are API manufacturing facilities at Srikakulum, Andhra Pradesh and Miryalguda, Telengana, and Oncology formulation manufacturing facility at Duvadda, Visakhapatnam, Andhra Pradesh).

In its exchange filing, Dr Reddy's said, "We have now been informed by USFDA that based on its evaluation, we have addressed the violations and deviations contained in the said warning Letter."

On November 6, 2015, USFDA issued a warning letter for three sites of the company.

Dr Reddy's Laboratories reported consolidated net profit of Rs 662.8 crore for the June quarter against net profit of  Rs 456.1 crore in the corresponding period of 2018-19.

Revenue rose to  Rs 3,843.5 crore in Q1 compared with  Rs 3,720.7 crore in the year-ago period.

In another update, with effect from August 1, Erez Israeli would be elevated as CEO of the company. Current Chief Executive Officer (CEO) and Co-Chairman G V Prasad will continue as the co-chairman and managing director, and Israeli will report to him

Meanwhile, extending gains for the sixth consecutive session, Sensex ended 353 points higher at 39,467 and Nifty rose 96 points to 11,655.

Domestic pharmaceutical industry to grow at 8-11% CAGR in FY 2020-23: ICRA

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