Stocks

Dr Reddy's posts sharpest intra-day loss in over 17 yrs

Reuters | Updated on February 15, 2019 Published on February 15, 2019

Shares of Indian drugmaker Dr.Reddy's Laboratories plunge as much as 23 per cnet to ₹2,065.30, on the BSE, in their biggest intraday per cent loss since Oct 15, 2001

Jefferies says 11 observations under Form 483 on the company's Bachupally manufacturing unit includes four repeat observations, including one repeated from 2015 and 2017

The observations are around lack of thorough investigations, written records lacking details, employees not being trained and lack of infrastructure, said Jefferies in its report.

Jefferies cuts target price to ₹2,180 from ₹2,667.25, and retained “underperform” rating

On February 8, the company was issued Form 483 by U.S. FDA. The FDA Form 483 notifies a company's management of objectionable conditions.

Nearly 3.8 million shares changed hands, 3.7 times the 30-day average of more than 812,400

The stock posts its lowest since April 2013 and was top loser in percentage terms on the NSE index

Published on February 15, 2019
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