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Shares of Dr Reddy's Laboratories Ltd dropped as much as 6.6 per cent to Rs 2,423.05, their biggest daily percentage loss since July 16. The stock was the top percentage loser on the NSE index.
The USFDA has issued eight form 483 observations after inspecting the company’s formulations manufacturing facility at Duvvada, Visakhapatnam.
Citi analysts say “fresh 483s issued post inspection at the Duvvada plant takes one potential positive out of the equation.” It has maintained 'neutral' rating with a price target of Rs 2,680, adding that it is too early to get constructive on the stock and the financial impact is limited.
More than 527,540 shares traded as of 0417 GMT, 0.6 times their 30-day average of 862,272 shares.
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