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BUZZ-India's Dr. Reddy's Labs hits 2-1/2-yr low on U.S. FDA observations
March 9, 2017 / 4:48 AM / 9 months ago

BUZZ-India's Dr. Reddy's Labs hits 2-1/2-yr low on U.S. FDA observations

** Shares of Dr. Reddy’s Laboratories Ltd fall as much as 4.21 pct to their lowest since Aug 13, 2014

** U.S. Food and Drug Administration (U.S. FDA) completes audit of drugmaker's formulation manufacturing unit near the city of Vishakapatnam in the southern state of Andhra Pradesh, according to an exchange filing on Wednesday bit.ly/2ngJagl

** U.S. FDA issues form 483 with 13 observations for Vishakapatnam facility

** An FDA Form 483 is issued to companies when the inspection ends, when the investigator has observed conditions that may constitute violations of the Food Drug and Cosmetic Act

** As of Wednesday’s close, stock down 7 pct this year compared with a 9 pct increase in the broader NSE index

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