Dr Reddy’s Laboratories share price fell around 7 per cent intraday on Thursday on reports that a US law firm has filed a class-action suit against the drug company.
Dr Reddy’s Laboratories share price fell around 7 per cent intraday on Thursday on reports that a US law firm has filed a class-action suit against the drug company.
At 1.24 pm, shares of Dr Reddy’s Labs were trading 2.93 per cent down at Rs 3286.70 on BSE. The scrip opened at Rs 3386.05 and had touched a high and low of Rs 3404.75 and Rs 3140, respectively, in trade so far. Sensex was up 1.42 points at 25,845.45.
According to reports, the US-based law firm Lundin Law has filed a class action law suit against the drug major, alleging that the company made possible violations of federal securities law.
In a BSE filing, the pharma major said, “the company has always adhered to all disclosure requirements both of the Securities and Exchange Commission (SEC) and Indian stock Exchanges; including accounting practices as per the International Financial Reporting Standards (IFRS) and the Indian Accounting Standards. The company has no further comment on what might be advertorial press releases by law firms and refutes all allegations.”
The promoters holding in the company stood at 25.51 per cent while institutions and non-institutions held 41.91 per cent and 32.58 per cent, respectively.
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