Share price of Dr Reddy’s Laboratories fell around 3 per cent on Monday on reports that the drug major is recalling over 55,000 bottles of Amlodipine besylate and Atorvastatin calcium tablets, used to treat high blood pressure and cholesterol related diseases, in the US market.
The share price of pharma major closed 2.84 per cent down at Rs 3,941 on Monday.
According to the US Food and Drug Administration (USFDA), Dr Reddy’s Laboratories, Inc, the US-based arm of Hyderabad-based firm is recalling the drug for being “sub-potent”.
The tablets being recalled by the company have been manufactured at its Bachupally facility, near Hyderabad and distributed in the US by its subsidiary, Dr Reddy’s Laboratories, Inc. The recall was initiated by the company on August 13 this year.
On a year-to-date basis, the share price of Dr Reddy’s Laboratories jumped 26.30 per cent to Rs 4,056.15 on September 4. The BSE Sensex slid 8.38 per cent during the same period.
For the quarter ended June 2015, the company posted a consolidated net profit of Rs 625.65 crore, up 13.67 per cent, against Rs 550.39 crore in the corresponding quarter a year ago.
(With inputs from PTI)