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Dr Reddy's Gets Warning Letter From US FDA; Shares Fall 14%

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Shares in Dr Reddy's fell a huge 14 per cent after the company received a warning letter for three of its plants in South India.

The company said that it had received a warning letter for its plant in Srikakulam, Andhra pradesh and Miryalaguda in Telangana. The oncology formulation facility in Vishakapatanam also received a similar warning.

Dr Reddy's Gets Warning Letter From US FDA; Shares Fall 14%
 

These facilities were inspected in the months of Nov, 2014, Dec 2014 and Jan 2015. The company in a release said that it would actively engage with the agency to resolve the issues. "We have embarked on an initiative to revamp our quality system and processes", the company said.

Shares of Dr Reddy's was last trading at Rs 3678, down almost 14 per cent on the Bombay Stock Exchange.

GoodReturns.in

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