Dr Reddy's Laboratories Ltd, India's second-largest drug-maker has been warned by the US Food and Drug Administration over inadequate quality control procedures at three of its manufacturing plants in India.
Dr Reddy's shares fell as much as 12 percent in early trade to their lowest level since July 30 after a letter by the FDA was issued to them.
The warning letter was issued by the FDA for Dr Reddy's Srikakulam, Miryalaguda and Duvvada drug manufacturing plants, which are based in southern India.
The letter followed FDA inspections of these sites in November, January and February, and the company will respond to the agency in 15 days, Dr Reddy's said in a statement on Friday.
The stock price of Dr Reddy's Laboratories was quoting at Rs. 3655.60, down Rs. 597. The 52-week high of the share was Rs. 4382.95 and the 52-week low was Rs. 3010.00.