** India's Dr Reddy's Laboratories REDY.NS down 2.6% to 1,228.6 rupees

** Stock on course for second straight day of losses, if trend holds

** Co reported on Thursday that supplies of generic semaglutide would remain unavailable in India and face disruptions in Canada due to impurities in active pharmaceutical ingredient, until late October at least

** Systematix downgrades REDY to "hold", believes execution risk remains, with possibility of further delays, if validation process takes longer than expected

** Emkay Global ("reduce", PT 1,300 rupees) cuts FY27 earnings estimates by 7% as prior margin assumptions "now seem out of reach"

** REDY rated "hold" on avg by 38 analysts; median PT is 1300 rupees - data compiled by LSEG

** Torrent Pharmaceuticals TORP.NS, which sources finished semaglutide doses from REDY, down 2.3%

** REDY down 3.4% YTD