New Delhi: Shares of Dr Reddy’s Laboratories today slumped nearly 11% following a decision made by the District Court of New Jersey with respect to further sale and commercialisation of its product in the US. After opening the day on a weak note, the stock further plunged 9.48% to Rs 2,097.70 on the BSE. On the NSE, shares of the company cracked 10.77% to Rs 2,069.95.
Dr Reddy’s Lab on Saturday said it will appeal the decision of the US District Court of New Jersey regarding further sale and commercialisation of its Buprenorphine and Naloxone sublingual film in America.
“The company disagrees with the court’s decision, and will vigorously appeal it,” Dr Reddy’s said in a BSE filing.
The company intends to appeal against the decision by the US District Court of New Jersey in a preliminary injunction hearing, it added. The product is indicated for treatment of opioid dependence.