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Dr Reddy's says German regulator makes six observations on unit
September 8, 2017 / 7:00 AM / 18 days ago

Dr Reddy's says German regulator makes six observations on unit

FILE PHOTO: People walk past a chemist's shop at a market in Mumbai, India June 25, 2015. REUTERS/Shailesh Andrade/File Photo

(Reuters) - Dr. Reddy’s Laboratories (REDY.NS) said on Friday a German regulator has made six major observations about its Duvvada drug making facility in the southern Indian state of Andhra Pradesh, sending shares down as much as 7.1 percent.

Dr. Reddy‘s, in an exchange filing, did not however elaborate on the observations, which typically refer to aspects of the production process that must be improved in order to gain regulatory approval for exports.

A company spokeswoman did not immediately respond to a request for details of the observations on Friday.

The products manufactured at the unit are not currently exported to the European Union, it said.

Germany and the United Kingdom contribute the most to Dr. Reddy’s revenue from Europe, which rose 28 percent to 2.08 billion rupees ($32.57 million) in the June quarter.

($1 = 63.8550 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Additional reporting by Zeba Siddiqui in Mumbai; Editing by Biju Dwarakanath

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