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Dr Reddy’s Lab, Ranbaxy, Glenmark shares hit by worries about Russia, Ukraine sales

Dr Reddys Laboratories has the highest exposure to Russia and former Soviet republics.

Updated: March 4, 2014 10:52:24 am

Shares in Indian drugmakers fall, with Dr Reddys Laboratories down 1.9 per cent, on concerns that sales in Russia and Ukraine will be hit given military tensions between the two countries.

Dr. Reddy’s has the highest exposure to Russia and former Soviet republics, with the region comprising 14.5 percent of sales, Bank of America-Merrill Lynch says in a note dated on Monday.

Ranbaxy Laboratories Ltd and Glenmark Pharmaceuticals Ltd also have exposure to Russia and former Soviet republics, as per the investment bank.

Shares in Glenmark fall 1.11 percent, while Ranbaxy is down 1.86 percent at 0411 GMT.

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