February 15, 2019 / 5:52 AM / 6 months ago

BUZZ-India's Dr.Reddy's posts sharpest intraday loss in over 17 yrs

** Shares of Indian drugmaker Dr.Reddy’s Laboratories Ltd plunge as much as 29.78 pct to 1,872.95 rupees, in their biggest intraday pct loss since Oct 15, 2001

** Jefferies says 11 observations under Form 483 on co’s Bachupally manufacturing unit includes four repeat observations, including one repeated from 2015 and 2017

** The observations are around lack of thorough investigations, written records lacking details, employees not being trained and lack of infrastructure - Jefferies

** Jefferies cuts target price to 2,180 rupees from 2,667.25 rupees, retains “underperform” rating

** On Feb. 8 co was issued Form 483 by U.S. FDA

** The FDA Form 483 notifies a company’s management of objectionable conditions

** Nearly 3.8 mln shares change hands, 3.7 times the 30-day avg of more than 812,400

** Stock posts its lowest since April 2013 and top pct loser on the NSE index

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