Dr Reddys Laboratories, an integrated global pharmaceutical company witnessed a sharp fall in share price after the company received a warning letter issued by the US Food and Drug Administration (US FDA) on Nov 5, 2015 over inadequate quality control procedures at three manufacturing plants in India.

The USFDA issued waring relating to its API manufacturing facilities at Srikakulam, Andhra Pradesh and Miryalaguda, Telangana, as well as Oncology formulation manufacturing facility at Duvvada.

Dr. Reddy's CEO, G V Prasad said, "We take quality and compliance matters seriously and stand by our commitment to fully comply with the cGMP quality standards across all of our facilities."

Adding further, Prasad said, "We will respond with a comprehensive plan to address these observations within the stipulated time-frame of 15 days. We will continue to actively engage with the agency to resolve these issues and we have also embarked on an initiative to revamp our quality systems and processes, as an organization-wide priority."

The USFDA had earlier inspected these sites in November 2014, January 2015 and February 2015 respectively.

Shares of the company are trading at Rs 3,699.35, down Rs 553.25, or 13.01% at the Bombay Stock Exchange (BSE) on Friday at 11:25 a.m.

Total volume of shares traded on the bourses today was higher by 328.84% to 2,375,041 compared with 22-day average volume of 553,832.