Dr Reddy’s Labs shares extend losses, down 3%

Shares of Dr Reddy’s Laboratories remained under pressure for the fourth straight session and further fell by nearly 3 per cent on Wednesday.

The stock slipped 2.97 per cent to settle at ~2,336.20 on the BSE. During the day, it lost 4.51 per cent to ~2,299.

At the NSE, shares of the company dipped 2.91 per cent to end at ~2,339. The stock was the biggest drag on both the key indices Sensex and Nifty during the day.

In four trading sessions, the company's shares have fallen by nearly 4 per cent.

Meanwhile, the BSE earlier in the day sought clarification from the company on reports that Dr Reddy’s shares fell on the buzz of issues raised in EIR for Duvvada plant.

It later clarified that, “the company has already intimated the stock exchanges on November 21, 2017 regarding the updated status of US health regulator United States Food and Drug Administration (US FDA) audit of our formulations manufacturing facility at Duvvada, Visakhapatnam, Andhra Pradesh and has no further update.”

Further, the movement in price of company’s scrip is completely market driven and hence the company has no comments to offer on share price movement, the filing said.