Dr. Reddy’s gains with arm reaching settlement with US Government

19 Dec 2017 Evaluate

Dr. Reddy’s Laboratories is currently trading at Rs. 2410.00, up by 15.50 points or 0.65% from its previous closing of Rs. 2394.50 on the BSE.

The scrip opened at Rs. 2408.00 and has touched a high and low of Rs. 2411.05 and Rs. 2406.75 respectively.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3203.95 on 06-Jan-2017 and a 52 week low of Rs. 1901.65 on 11-Aug-2017.

Last one week high and low of the scrip stood at Rs. 2425.00 and Rs. 2253.00 respectively. The current market cap of the company is Rs. 39,963.00 crore.

The promoters holding in the company stood at 26.77%, while Institutions and Non-Institutions held 43.15% and 15.25% respectively.

Dr. Reddy’s Laboratories’ US subsidiary has reached a settlement with the US Government, in a case that is more than six years old, involving packaging for five blister-packed prescription products. In a joint filing by the parties, Dr. Reddy’s and the US Department of Justice agreed to the settlement of the action without any adjudication of any issue of fact or law.

Dr. Reddy’s has taken this investigation seriously, cooperating with the Government over the past six years. The safety of patients and consumers is of paramount importance to Dr. Reddy’s, and the company firmly disagrees with the Government’s allegations. However, in order to avoid any unnecessary costs and the distractions of prolonged litigation, the company has chosen to settle the matter for $5 million.

Dr. Reddy’s is not aware of any reports that any child gained access to these products as a result of the packaging or that any of the products caused children harm as a result of the packaging. These products have not been distributed in the packaging at issue since June 2012.


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