Hyderabad / Mumbai: DR Reddy Laboratory Scrip was placed more than 10% on Tuesday, which eventually attracted BSE Sensex down, after the company acknowledged that he could face civil law enforcement or criminal enforcement in the US and other countries for the Whistleblower complaint.
Stock jam after the company told the Bourses which had been developed by the US Market Securities Regulator and Exchange Commission (SEC) on July 6 for documents relating to certain independent state commonwealth countries (CIS).
Dr.
Reddy said, “the problem can lead to government enforcement on companies in the US and / or foreign jurisdictions, which can cause civil and criminal sanctions under relevant laws, the possibility of these actions and the results cannot be ascertained in affordable.
This time.
” Whistleblower anonymous complaints have alleged that health professionals in Ukraine and other countries are given incorrect payments by or on behalf of companies that violate US anti-corruption laws, especially the US Corruption Practice Act.
The court order comes after it has revealed this problem to the US Department of Justice, the Indian Securities Securities Exchange Board, BSE’s archiving said.
The company is in the process of responding to this case.
A US law firm was conducting an investigation into the Instruction of the Company’s Council Committee, he said.
Hyderabad-based pharmaceutical-based scripts opened at Rs 5,421 on the Bombay Stock Exchange (BSE) but dropped to low RS 4,781 before closing 10.4% (falling RS 565) at Rs 4,844 compared to the previous closure of RS 5,409.
Although Dr.
Reddy has told the postung about the complaints of the Whistleblower and the start of detailed investigation in November 2020, the company’s acceptance on Tuesday is likely a legal problem in front – coupled with a 1.5% decrease in consolidated net profit for the first quarter which ended June 30, 2021 – proven Too much for the market to digest.
The consolidated net income of Dr.
Reddy’s Q1Fy22 dropped to RS 571 Crore from RS 579 Crore at Q1FY21, mostly due to price erosion in the main North American market.
The company’s profit fell despite an 11% increase in consolidated income at Rs 4,919 Crore from Rs 4,418 Crore at Q1FY21.
As a result, the stock falls 10%, making Dr.
Reddy is the biggest slung between 30 sensex constituents.
Heavy sales at Dr.
Reddy also have an impact on several other pharmaceutical shares.
As a result, the BSE Healthcare index closed 2.9% lower with Alembic Pharma, Glenmark and Lupine all closures between 5% and 11.5% lower.
Of the total of 274 slide points in Sensex, Dr.
Reddy contributed 62 points, BSE data showed.
Market participants said the news about Dr.
Reddy received a court call from the US legal authority / regulator has scuted investor sentiment.