Aurobindo Pharma share crashes 20% to hit 52-week low on USFDA observations; Lupin, Glenmark fall up to 9%
Weighed down by USFDA observations, share price of Aurobindo Pharma declined as much as 20.65 per cent to hit a 52-week low of Rs 450 on the BSE, after opening tad lower at Rs 560 against previous close level of Rs 567.15 on the BSE
- Oct 7, 2019,
- Updated Oct 7, 2019 5:31 PM IST
Shares of Aurobindo Pharma plunged over 20 per cent, hitting a 52-week low, on the Bombay Stock Exchange (BSE) on Monday after reports suggested that the drug maker had received US drug regulator's adverse observations.
The company, in an exchange filing, said that the US Food and Drug Administration (FDA) has issued seven observations, including failure to thoroughly follow procedures applicable to quality control, after inspecting its Unit-7 between September 19-27, 2019.
"The inspection ended with 7 observations. We believe none of the observations are related to data integrity," Aurobindo Pharma said in a filing to the BSE.
The company, however, is confident of addressing these issues within the stipulated timeline, it added.
Reacting to the news, share price of Aurobindo Pharma declined as much as 20.65 per cent to hit a 52-week low of Rs 450 on the BSE, after opening tad lower at Rs 560 against previous close level of Rs 567.15 on the BSE. The scrip closed trade at Rs 458.50, down 19.16 per cent.
Shares of Aurobindo Pharma plunged over 20 per cent, hitting a 52-week low, on the Bombay Stock Exchange (BSE) on Monday after reports suggested that the drug maker had received US drug regulator's adverse observations.
The company, in an exchange filing, said that the US Food and Drug Administration (FDA) has issued seven observations, including failure to thoroughly follow procedures applicable to quality control, after inspecting its Unit-7 between September 19-27, 2019.
"The inspection ended with 7 observations. We believe none of the observations are related to data integrity," Aurobindo Pharma said in a filing to the BSE.
The company, however, is confident of addressing these issues within the stipulated timeline, it added.
Reacting to the news, share price of Aurobindo Pharma declined as much as 20.65 per cent to hit a 52-week low of Rs 450 on the BSE, after opening tad lower at Rs 560 against previous close level of Rs 567.15 on the BSE. The scrip closed trade at Rs 458.50, down 19.16 per cent.