One of India's recognisable brands in pharma, Dr Reddy's Laboratories, said on Thursday that Mexico's drug regulator slapped the company with a fine amounting to Rs 27 lakh.
According to the firm's regulatory filing, the fine was due to the deviation from COFEPRIS's prescribed guidelines in filing intimation of import for a product.
COFEPRIS, or Comisi Federal para la Protecci Contra Riesgos Sanitarios, is the drug regulatory body of Mexico, which notified Dr Reddy's of a penalty of MXN 6,51,420 "for deviation from prescribed guidelines in filing intimation of import of a reference standard for one of the company's APIs."
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"Additionally, the fine was imposed due to an error in the date of the invoice and also name of the reference standard Vs import license," read the filing.
Shares of Dr Reddy's Laboratories dropped 1.14 per cent to below Rs 1,232 in morning trade.
