Dr Reddy's Continues To Fall; Nomura Cuts Target Price
Business
oi-Sunil
By Sunil
Shares in Dr Reddy's continued to decline in trade, as Nomura cut the target to Rs 4,346 from 4,919 rupees.
The shares of the company have fallen in the last few trading sessions after a US FDA warning and reports that Lundin Law PC has announced that it is investigating claims against Dr Reddy's Laboratories concerning possible violations of federal securities laws.
Dr Reddy's recently said that it had received a warning letter for its plant in Srikakulam, Andhra pradesh and Miryalaguda in Telangana.
The oncology formulation facility in Vishakapatanam also received a similar warning. Dr Reddy's said that the warning was received for three of its plants in South India. These facilities were inspected in the months of Nov, 2014, Dec 2014 and Jan 2015. The company in a release said that it would actively engage with the agency to resolve the issues. "We have embarked on an initiative to revamp our quality system and processes", the company had said.
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