Dr. Reddy's Laboratories Ltd., India’s second-largest drug company, plunged unexpectedly into the red in the third financial quarter, hit by a $156.5m write-off for its generic NuvaRing (etonorgestrel/ethinyl estradiol) contraceptive. But a strong underlying performance, reflecting a string of US launches and a tight rein on costs, propelled the company’s shares to a 52-week high.
The company, which has been grappling with US regulatory compliance issues and falling product prices in the US, crashed to a INR5.7bn ($79.7m) net loss in the October-December period from...
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