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Dr Reddy's Labs shares trade lower as data breach forces the company to shut plants

The company is currently reviewing its IT network systems, and trying to find out how the breach took place, sources said.

October 22, 2020 / 09:22 PM IST

Dr Reddy's Laboratories share price was trading lower by a percent intraday on October 22 after data breach forces the pharma company to shut plants.

In a major data breach, drug maker Dr Reddy's Laboratories has temporarily shutdown production across its key plants. The incident happened in the early hours.

Sources within the company confirmed to Moneycontrol about the breach, and the halt of production.

This comes just days after the company received an approval from DCGI to conduct phase 2 and 3 trials for a reworked protocol of a COVID-19 vaccine that sought some additional information.

The company is currently reviewing its IT network systems, and trying to find out how the breach took place, sources said.

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"In the wake of a detected cyber-attack, we have isolated all data center services to take required preventive actions. We are anticipating all services to be up within 24 hours and we do not foresee any major impact on our operations due to this incident,” said Mukesh Rathi, CIO, Dr. Reddy’s Labs.

Dr Reddy's has 17 manufacturing units and six research and development (R&D) facilities in India, and in overseas it has six manufacturing units overseas and three R&D centres.

The stock was trading at Rs 4,977.30, down Rs 69.60, or 1.38 percent at 12:22 hours. It has touched an intraday high of Rs 5,046.90 and an intraday low of Rs 4,832.40.



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Moneycontrol News
first published: Oct 22, 2020 01:09 pm
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