Dr Reddy’s Laboratories, Inc, the US-based arm of Hyderabad-based firm is recalling the drug for being “sub-potent”. (PTI)
Share price of Dr Reddy’s Laboratories fell over a per cent in the afternoon trade 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.
At 12.40 pm, Dr Reddy’s Laboratories shares were trading 1.15 per cent lower at Rs 4,009.50 apiece on BSE. It opened at Rs 4,071 and had touched a high and low of Rs 4,095.60 and Rs 3,991.10, respectively, in trade so far. Sensex was flat at 25,179.
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)
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