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Dr Reddy’s Laboratories stock top gainer on Sensex after firm receives report of USFDA audit closure for Hyderabad facility

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The Dr Reddy’s Laboratories stock became the top gainer on the Sensex on Tuesday after the firm said it has received an establishment inspection report (EIR) for closure of audit from the USFDA for its facility in Hyderabad. At 10:37 am, the stock was trading 3.52 percent or 77 points higher at 2270 level on the BSE. DR Reddy’s has lost 25 percent since the beginning of this year.  On an yearly basis, the stock is down 27 percent. The Dr Reddy’s stock was also the volume topper on the BSE clocking Rs 16 crore in turnover. “We have received EIR from the US Food and Drug Administration (USFDA) on December 11, 2017 as closure of audit, for formulations manufacturing plant-3 at Bachupally, Hyderabad,” Dr Reddy’s Laboratories said in a statement.In April, the US health regulator issued 11 observations after inspecting its manufacturing plant in Hyderabad.”The audit of our formulations manufacturing plant-3 at Bachupally, Hyderabad by the USFDA has been completed today. We have been issued a Form 483 with 11 observations,” Dr Reddy’s Laboratories had said in a regulatory filing on  April 28, 2017.Meanwhile, the Sensex was trading 122 points lower at 33,333 and the Nifty was down 45 points to 10,276 in morning trade.

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