It is the second largest Indian drug maker by sales
Representational image
MUMBAI: The shares of Dr Reddy’s Laboratories, the second largest Indian drug maker by sales, crashed almost 10 per cent in intra-day trade on Thursday after the US Food and Drug Administration (FDA) released the details of its warning letter.
The letter stated that it would withhold appr-oval of any new applications or supplements till the company takes corrective measures to comply with the good manufacturing practices. “Until you complete all corrections, FDA may withhold approval of any new applications or supplements listing your firm as a drug product or API manufacturer,” US FDA said.
Responding to it, Dr Reddy’s said it is in the process of preparing a response to FDA’s warning letter. The FDA has granted an extension until De-cember 7, 2015 for the submission of the company’s resp-onse to its warning letter.” The stock ended the day at '3,111.35 losing 8.21 per cent.
Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.
( Source : deccan chronicle )
Next Story
