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Dr Reddy's Stock Slumps After German Regulator's Observations

Dr. Reddy's, did not however elaborate on the observations about its drug making facility in Andhra Pradesh.
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Dr Reddy's Stock Slumps After German Regulator's Observations
Dr. Reddy's Laboratories said on Friday a German regulator has made six major observations about its Duvvada drug making facility in the southern Indian state of Andhra Pradesh, sending shares down as much as 7.1 percent.

Dr. Reddy's, in an exchange filing, did not however elaborate on the observations, which typically refer to aspects of the production process that must be improved in order to gain regulatory approval for exports.
A company spokeswoman did not immediately respond to a request for details of the observations on Friday.

The products manufactured at the unit are not currently exported to the European Union, it said.
Germany and the United Kingdom contribute the most to Dr. Reddy's revenue from Europe, which rose 28 percent to 2.08 billion rupees ($32.57 million) in the June quarter.
 

© Thomson Reuters 2017



(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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