Dr Reddy’s Laboratories shares plunged as much as 2.24 per cent on Thursday after reports that the US Consumer Product Safety Commission charges company for packaging lapses in at least five prescription drugs.
At 1.59 pm, shares of Dr Reddy’s Labs were trading 2 per cent down at Rs 3,070. The scrip opened at Rs 3099 and has touched a low of Rs 3062.30.
Later, the scrip closed 1.95 per cent down at Rs 3,071.45.
The US is company’s biggest market, where its business has been hurt by regulatory scrutiny and fewer new drug approvals.
However, Dr Reddy’s denied allegations made by the US government.
For the quarter ended March 31, 2016, the pharma major reported a consolidated net profit of Rs 74.60 crore, down 85.62 per cent, against Rs 518.80 crore in the corresponding quarter a year ago. Consolidated gross sales of the company fell 2.95 per cent year-on-year to Rs 3,756.20 crore.