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Dr Reddy's starts probe into anonymous complaint of US laws violation

BusinessToday.In     November 19, 2020

Dr Reddy's Laboratories has announced a detailed investigation into an anonymous complaint filed against the company. The complaint alleged that healthcare professionals in Ukraine and potentially in other countries were provided with improper benefits in violation of US laws. "The investigation is being carried out by a reputed independent US law firm," Dr Reddy's said in a statement.

Notably, the company has a wholly-owned subsidiary and a global office in Ukraine. Meanwhile, the shares of Dr Reddy's Laboratories were trading 1.13 per cent higher at Rs 4,756.35 apiece on BSE. The company did not reveal any further details regarding the matter.

Dr Reddy's Laboratories (DRL) last month saw a 30 per cent fall in net profit to Rs 762.3 crore in the second quarter of FY21 as against Rs 1,092.5 crore in the corresponding period of last year. However, the revenue of the pharma company surged 2 per cent to Rs  4,897 crore from Rs 4,800.1 crore last year.

Also read: Pfizer drags Aurobindo Pharma, Dr Reddy's to US court over cancer drug

Also read: Dr Reddy's under cyber attack: How India will investigate the matter

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