Dr Reddy’s Lab Shares Trade Low Despite Govt OK For Shipping Sputnik

Dr Reddy's Lab Shares Trade Low Despite Govt OK For Shipping Sputnik

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.

Phase II / III clinical trials of the vaccine were carried out by Dr. Reddy’s in India. Dr Reddy’s Laboratories Co-chairman and managing director GV Prasad said, “We are very pleased to obtain the emergency use authorsation for Sputnik V in India. With the rising cases in India, vaccination is the most effective tool in our battle against COVID-19. This will enable us to contribute to our nation’s effort of vaccinating a signficant proportion of our population.”

Sputnik V is now approved for use in 60 countries around the world. It ranks second among coronavirus vaccines globally in terms of the number of approvals issued by government regulators. It’s efficacy was determined to be 91.6% as per a published article in the Lancet, one of the world’s oldest and most respected medical journals.

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