gas leak at reddys plant

Taken from Reuters
(lets hope its not our plant)

DR.REDDY'S LABORATORIES LTD
REDY.BO
Rs1,677.40
-10.35-0.61%
8:00pm UTC+1100
Wed Dec 22, 2010 3:32am EST

* Production at drug plant not impacted

* Shares recoup early 4.1 percent loss, up 0.4 pct

(Adds details)

BANGALORE, Dec 22 (Reuters) - The death of two people at Indian pharmaceutical firm Dr Reddy's Laboratories Ltd's (REDY.BO) plant, which the police say was caused by gas leakage, has not impacted production at the unit, the drug maker said.

An employee and a contract worker died in the incident that occurred at the company's plant in the southern state of Andhra Pradesh. Dr Reddy's company said no one else was injured in the incident.

The police are investigating the incident that occurred around midnight on Tuesday and have booked a case of negligence but have made no arrests so far, A.S.K. Das, a senior police officer, told Reuters.

Shares in the drugmaker, which fell more than 4 percent on the news, had reversed losses to trade 0.4 percent higher at 1,695 rupees in a firm Mumbai market at 0824 GMT.

The plant is approved by the U.S. Food and Drug Administration and makes bulk drugs, a company official said.

(Reporting by Bharghavi Nagaraju; Editing by Aradhana Aravindan)

StocksGlobal MarketsHealthcare