Dr Reddy's Isolates Data Centre Services After Cyberattack, Shares Fall 4%

Cyber-Attack: Dr Reddy's Labs said on Thursday it had isolated all its data center services as a preventive measure following a cyber-attack.

Dr Reddy's Isolates Data Centre Services After Cyberattack, Shares Fall 4%

Dr Reddy's is the country's second most valuable pharmaceutical company

Dr Reddy's Laboratories said on Thursday it had isolated all its data centre services as a preventive measure "in the wake of a detected cyber-attack". Shares in Dr Reddy's Laboratories fell as much as 4.25 per cent to Rs 4,832.40 apiece on the BSE after the news, having begun the day flat at Rs 5,046.90. At 2:18 pm, the Dr Reddy's stock traded lower by Rs 61.90 - or 1.23 per cent - at Rs 4,985 apiece on the bourse, underperforming the benchmark S&P BSE Sensex index which was down 0.51 per cent. (Track Dr Reddy's Labs Shares)

Shares traded in high volumes. By then, a total of 1.11 lakh Dr Reddy's Laboratories shares had changed hands on the BSE, as against a daily average of 60,000 recorded over the past two weeks. 

(Also Read: Sensex, Nifty On Track To Break 4-Day Winning Streak)

“We are anticipating all services to be up within 24 hours and we do not foresee any major impact on our operations due to this incident," said Mukesh Rathi, chief information officer, Dr Reddy's Laboratories.

The Hyderabad-based drug maker has a partnership to run clinical trials of Russia's Sputnik-V COVID-19 vaccine in India.

Newsbeep

(Also Read: Dr Reddy's Laboratories Gains On Nod To Hold Trials For Russia's COVID Vaccine In India)

The pharmaceutical company also has tie-ups with global firms to sell coronavirus treatments remdesivir and favipiravir in India besides its partnership for the Sputnik-V vaccine.

Dr Reddy's Labs is the country's second most valuable pharmaceutical company, after Sun Pharma.