New Delhi: Shares of Dr Reddy's Laboratories today fell by 5 per cent, wiping out Rs 2,383 crore from its market valuation, after the company received 13 observations from the US health regulator for its formulation manufacturing facility at Duwada, Visakhapatnam.
The stock ended the day with a loss of 5.01 per cent at Rs 2,708.60 on BSE. During the day, it tumbled 5.23 per cent to Rs 2,702.05 -- its 52-week low. On NSE, shares of the company dipped 4.98 per cent to close at Rs 2,704.85.
The stock was the worst performer among the bluechips on both Sensex and Nifty indices. The company's market valuation declined by Rs 2,382.91 crore to Rs 44,872.09 crore.
On the volume front, 2.37 lakh shares of the company were traded on BSE and over 21 lakh shares changed hands on NSE during the day. "The audit of company's formulation manufacturing facility at Duwada, Visakhapatnam, by the USFDA, has been completed on March 8, 2017.
The company has been issued Form 483 with 13 observations, which the company is addressing," Dr Reddy's Laboratories said in a BSE filing. The firm, however, did not specify the observations.