(Reuters) -Shares of Indian generic drugmaker Dr Reddy’s Laboratories declined more than 5% on Thursday, after the firm received a non-compliance notice for its semaglutide injection in Canada, which analysts say could delay its launch.

The shares fell as much as 5.6% to 1,180.9 rupees as of 9.25 a.m. IST and were the top losers on India’s benchmark Nifty 50 index and the pharma index, which were down 0.26% and 1.1%, respectively.

U.S.-listed shares of Dr Reddy’s fell 8% overnight.

Semaglutide is the active ingredient of Denmark-based Novo Nordisk’s blockbuster weight-loss drug Wegovy and diabetes medicine Ozempic.

Dr Reddy’s received a non-compliance notice from the Pharmaceutical Drugs Directorate of Canada for its semaglutide injection on Wednesday, seeking additional information an

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