U.S. IRS levies $32,350 penalty on Dr. Reddy's U.S. subsidiary

The U.S. Internal Revenue Service levied a penalty of $32,350.20 on Dr. Reddy’s Laboratories Inc., a step-down wholly owned U.S. subsidiary.

The penalty resulted from a fiscal year reference misclassification made during tax payment processing.

Dr. Reddy's stated in a stock exchange filing that the penalty has no material impact on the company's financials or operations.