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Dr Reddys shares settle up 3 pc, m-cap rises Rs 1,017 cr

twitter-logoPTI | December 12, 2017 | Updated 16:28 IST

New Delhi, Dec 12 (PTI) Shares of Dr Reddys Laboratories today settled with gains of nearly 3 per cent, following which the market capitalisation of the company improved by Rs 1,017.27 crore.

The company yesterday said it received an EIR from USFDA as closure of audit for its formulations manufacturing plant - 3 at Bachupally, Hyderabad. Dr Reddys was issued a form 483 with 11 observations.

During the day, the stock had surged 6.13 per cent to touch an intra-day high of Rs 2,328. At the end of todays trading session the stock however lost some gains and ended the day at Rs 2,255.60, up 2.83 per cent on the BSE.

Following the uptick in the counter, the market capitalisation of the company improved by Rs 1,017.27 crore, to Rs 37,402.89 crore.

On the NSE, the stock opened at Rs 2,324.50, then touched an intra-day high of Rs 2,326.40 and finally settled for the day at Rs 2,255, up 2.83 per cent.

On April 28, the company had said: "These observations are mostly procedural in nature, reflecting the need to improve peoples capabilities and strengthen documentation and laboratory systems. We will address them comprehensively within the stipulated time".

Meanwhile, the 30-share sensitive index Sensex today settled in the negative territory, down 227.80 points at 33,227.99. PTI DRR SBT

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