Dr. Reddy’s denies workforce cost reduction exercise 

Pharma major Dr. Reddy’s Laboratories has denied it has embarked on an exercise aimed at a 25% workforce cost reduction.

The company on Monday evening dismissed a media report which, citing sources, said the Hyderabad-headquartered generic drugmaker, as part of a 25% workforce cost cutting exercise, had asked several employees drawing relatively high salaries, especially many of those earning over ₹1 crore annually, to resign.

“We categorically deny the claim of a 25% workforce cost reduction and the other claims mentioned,” Dr. Reddy’s said in a filing with the stock exchanges. The company does not comment on market speculations and there is currently no such event or information which requires a disclosure, it said.