Dr Reddy's Labs Slides Despite Government Nod For Import Of Sputnik Vaccine

Dr Reddys Laboratories Ltds shares were trading low at Rs 4,803 at 11:19 am in the Bombay Stock Exchange (BSE) on Tuesday.

Despite getting the Drug Controller General of India's (DCGI) approval for importing the Russia-made Sputnik vaccine in India for restricted usage in emergency situation, Dr Reddy's Laboratories Ltd's shares were trading low at Rs 4,803 at 11:19 am in the Bombay Stock Exchange (BSE) on Tuesday. The company's shares had opened at a high of Rs 5,200 per share. They had closed at Rs 4,989 on Monday. Dr Reddy's Laboratories, which has the marketing rights for the Russian vaccine in India, announced on Tuesday morning that it has received the permission from the DCGI to import the Sputnik vaccine into India for restricted use in emergency situations as per the provisions of the New Drug and Clincial Trials rules, 2019 under the Drugs and Cosmetics Act. In September 2020, Dr Reddy's had partnered with the Russian Direct Investment Fund (RDIF) to conduct the clinical trials of Sputnik V and distribute the vaccine in India. In addition to the trials conducted in Russia by RDIF.