Dr. Reddy's issued Form 483 for Srikakulam plant by USFDA; stock down 1%

Dr. Reddy's issued Form 483 for Srikakulam plant by USFDA; stock down 1%
Dr Reddy's informed the exchanges today that the audit of the company's API manufacturing plant at Srikakulam, Andhra Pradesh (CTO VI), by the USFDA, has been completed on January 28, 2020. Further, the company informed that it has been issued a Form 483 with 5 (five) observations.

The stock has dipped more than 1% in morning trade today.

The company said that it will address these concerns comprehensively within the stipulated timeline.

Stock view:
Dr Reddys Laboratories Ltd is currently trading at Rs3,151.55 down by Rs37.25 or 1.17% from its previous closing of Rs3,188.80 on the BSE.
The scrip opened at Rs3,180 and has touched a high and low of Rs3,189.45 and Rs3,101 respectively. So far 3,68,730 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs52,986.10cr.




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