Shares of Dr Reddy’s Laboratories gained 1 percent in the early trade Tuesday on the back of settlement with the US government.
The US subsidiary of Dr Reddy’s Laboratories has reached a settlement with the US government involving packaging of five blister-packed prescription products.
The company and US Department of Justice agreed to the settlement of the action without any adjudication of any issue of fact or law.
The said case is six years old and in order to avoid any unnecessary costs and the distractions of prolonged litigation, the company has chosen to settle the matter for USD 5 million.
Recently, the company has received Establishment Inspection Report (EIR) from the USFDA for its Hyderabad facility.
At 09:17 hrs Dr Reddy’s Laboratories was quoting at Rs 2,413.75, up Rs 19.25, or 0.80 percent on the BSE.
Posted by Rakesh Patil
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