Dr Reddy's Laboratories (RDY) is disputing reports it plans to cut a significant portion of its workforce, with the India-based drug maker telling Indian regulators on Monday that a Business Standard report published overnight was "factually incorrect."
In a letter sent Monday to the National Stock Exchange of India, Kumar Singh, Dr Reddy's compliance officer, said it "categorically" denies the reported job actions, adding there is nothing happening at the company at this time that would typically trigger a disclosure.
The Business Standard report, citing multiple individuals with knowledge of the matter, said Dr Reddy recently began a "significant downsizing initiative" expected to reduce its workforce costs by 25%.
Dr Reddy shares recently was fractionally lower in US late-morning trading.
Price: 13.20, Change: -0.03, Percent Change: -0.19
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