01:28 PM EDT, 08/14/2024 (MT Newswires) -- Dr. Reddy's Laboratories (RDY) fell 2.4% in recent Wednesday trading after the company disclosed it has been ordered by the Goods and Services Tax Authority to pay a tax demand including interest and penalty.

The authority passed the order for the 2019 to 2020 time period on the contention that the company has excess availed of input tax credit, the company said in a letter to stock exchanges, including the New York Stock Exchange, according to a Wednesday filing.

The penalty under the order stands at 305,386 Indian rupees ($3,638), the company said.

The order has no material impact on the company's financials, operations, or other activities, Dr. Reddy's said, adding that it will evaluate filing an appeal.

Price: 81.32, Change: -2.00, Percent Change: -2.40