Stocks

Dr Reddy's Lab shares slump as US FDA hands out complete response letter

Reuters | Updated on August 14, 2019 Published on August 14, 2019

Dr. Reddys Laboratories.   -  The Hindu

Drugmaker Dr.Reddy's Laboratories Ltd's shares fell as much as 8% to Rs 2,351.20 , their lowest since February 15. However, the stock recouped some of the losses in the afternoon session. At 2 p.m, the stock was being quoted at Rs 2,501.05, down by Rs 56.95 or 2.23% on the BSE

The company said its generic versions of multiple sclerosis drug Copaxone and female contraceptive device Nuvaring get complete response letter from U.S. Food and Drug Administration (USFDA) and it is preparing its response

A complete response letter from FDA signals that the regulator will not approve an application, according to its website

DrReddy is among the top drags on Nifty Pharma index, which is down 2.5% in a broader market that rose 1%

The stock has fallen 2.3% as of last close this year

Published on August 14, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.