NEW DELHI: Shares of Dr Reddy's Laboratories today fell by nearly 4 per cent after the company said it has received an unfavourable ruling in the US court regarding a patent infringement case over anti-nausea injection Aloxi.
Reacting to this, shares of the company went down by 3.66 per cent to hit its one year low of Rs 2,803.50 on BSE.
On NSE, it fell by 3.86 per cent to Rs 2,798.95 -- its 52-week low.
In a BSE filing, Reddy's Laboratories said: "The United States District Court for the District of New Jersey issued its opinion regarding Helsinn Healthcare's patent infringement claims against Dr Reddy's proposed palonosetron product".
"The court found that Dr Reddy's proposed palonosetron hydrochloride 0.25 mg/5 ml infringes on certain claims of US patents...and that the asserted claims were not valid".
Helsinn Healthcare SA is a Switzerland-based pharma company.
"We are disappointed in the decision and intend to pursue an appeal in due course," a company spokesperson said.
Aloxi injection is used in adults to help prevent the nausea and vomiting due to chemotherapy.
Shares of Dr Reddy's were trading at Rs 2,876.25 apiece, down 1.16 per cent on BSE