What should I do if my stool/urine appears to be red in colour? Could it be because of the beetroot?

There is nothing to worry about. There is a pigment in beetroots called betanin that can contribute to the red colouring in your urine and stool. 

It's no cause for concern as some people are unable to break this pigment down, which is then excreted out by the body naturally. However, the nutrients of the beetroot are still easy to digest for the body and you won't miss out on any of its benefits.