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Dr.Reddy’s Laboratories’ shares hit a 52-week low of Rs 4,055.85, down 3 per cent on the BSE in Thursday’s intra-day trade, after Russia ordered military operations in Ukraine and reports emerged of blasts in some significant Ukrainian cities.
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The pharmaceutical company’s stock, which has a significant presence in the Russian market, has fallen below its previous low of Rs 4,135.90 touched on March 19, 2021. In the past month, it has underperformed the market by falling 10 per cent compared to the 5 per cent decline in the S&P BSE Sensex.
According to media reports, Dr Reddy’s spokesperson said the company had had a strong presence in the region for over three decades. “We hope for a peaceful resolution. In case of an escalation, ensuring the well-being of our staff, meeting patient needs, and business continuity would be our main priorities. We are monitoring developments closely and are preparing accordingly,” the official said.
In September 2020, Dr. Reddy’s had signed up with the Russian Direct Investment Fund (RDIF) — Russia’s sovereign wealth fund — to cooperate on clinical trials and distribution of the Sputnik V vaccine in India. Upon regulatory approval in India, RDIF had committed to supply 100 million doses of the vaccine to Dr. Reddy’s.
