Dr Reddy's shares tank nearly 11% after US District Court's decision on sale of product

New Delhi: Shares of Dr Reddy's Laboratories on Monday slumped nearly 11 percent following a decision made by the District Court of New Jersey with respect to further sale and commercialisation of its product in the US.

After opening the day on a weak note, the stock further plunged 9.48 percent to Rs 2,097.70 on BSE.

Representational pic. GettyImages

Representational pic. GettyImages

On NSE, shares of the company cracked 10.77 percent to Rs 2,069.95.

Dr Reddy's Lab on Saturday said it will appeal the decision of the US District Court of New Jersey regarding further sale and commercialisation of its Buprenorphine and Naloxone sublingual film in America.

"The company disagrees with the court's decision, and will vigorously appeal it," Dr Reddy's said in a BSE filing.

The company intends to appeal the decision made by the US District Court of New Jersey in a preliminary injunction hearing with respect to further sale and commercialisation of its product in the US, it added.

The product is indicated for the treatment of opioid dependence.


Updated Date: Jul 16, 2018 13:52 PM

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