The Exchange has sought clarification from Dr. Reddy's Laboratories Limited with respect to recent news item captioned Hackers dupe Dr Reddy's Laboratories of ₹2.16 crore here's how the cyber fraud unfolded. The response from the Company is attached.
DRREDDY · price
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NSE asked Dr. Reddy's Laboratories to clarify a recent news item reporting that hackers defrauded the company of ₹2.16 crore. The company has submitted its response to the exchange (attached with the filing). The incident relates to a cyber fraud case targeting the pharma major. While the amount is small relative to the company's overall size, it highlights a cybersecurity lapse.
The ₹2.16 crore loss is minor for a large pharmaceutical company and unlikely to materially affect financials or stock price. However, it may draw attention to the company's cybersecurity preparedness and internal controls.