Dr. Reddy's Laboratories share price fell in untimely trade today after the Pharma firm said drug regulator US FDA has issued a Form 483 with 11 explanations after the review of its formulations developed Plant – 3 at Bachupally, Hyderabad. Dr. Reddy's Laboratories share opened at a loss of 3.69% at 2,670 today contrast to the previous close of 2,772.30 on the BSE. Dr. Reddy's Laboratories stock further stopped 216 points or 7.81% to 2555.5 levels on the BSE. Dr. Reddy's share price hit an intraday high of 2,704 levels in trade today.
Dr. Reddy's Laboratories share price has been declining for the last two days and fallen 8.17% during the period.
Dr. Reddy's Laboratories share has lost 0.84% since the beginning of this year and gained 18.23% during the last year.
Dr. Reddy's Laboratories share price was trading below its 50-day moving average of 2,645 and above its 200 days moving an average of 2,521 levels, respectively.
17 of 40 brokerages rate the stock "buy" or 'outperform', 11 "hold", eight "underperform" and four "sell", according to analysts' recommendations tracked by Reuters.
Dr. Reddy's Laboratories said the company would address the 11 explanation comprehensively within the specified timeline.
Meanwhile, Lupin stock fell over 2% after the Pharma firm announces the completion of the United States Food and Drug Administration (US FDA) inspection at its Goa manufacturing facility. The examination at the Goa facility closed with two observations. The inspection was carried out between January 28 to February 8, 2019.
The stock fell 2.60% to 808 levels on the BSE. The observations are technical in nature and the company is certain of addressing them satisfactorily.
The stock has fallen 3.37% since the commencement of this year and 0.50% during the last year.
Meanwhile, the Sensex was trading 134 points lower at 36,412 levels. The Nifty fell 0.47% to 10, 892 levels.