Shares of Laurus Labs Ltd fell nearly 4% today after the USFDA issued a form 483 with five observations to Laurus Synthesis Private Limited, a wholly owned subsidiary of Laurus Labs. The company said it would address the observations within stipulated timelines
Laurus Labs stock slipped 3.64% to Rs 373.15 against the previous close of Rs 388.05 on BSE. The stock has been falling for last three sessions. Later, the stock closed 1.75% lower at Rs 381.25. The stock hit a 52-week high of Rs 417.85 on August 9, 2019, 2022 and fell to a 52-week low of Rs 279.65.
Laurus Labs stock opened lower at Rs 446.95. Laurus Labs shares are trading lower than the 5-day, 10-day and 100-day but higher than the 20 day, 30 day, 50 day, 150 day and 200 day moving averages. The large cap share has lost 2.32% in one year but risen 2.10% since the beginning of this year.
Market cap of the pharma firm fell to Rs 20,536 crore on BSE. Total 0.92 lakh shares of the firm changed hands amounting to a turnover of Rs 3.49 crore on BSE.
“Laurus Synthesis Private Limited (LSPL), a wholly owned subsidiary of Laurus Labs underwent US FDA inspection for the manufacturing facility in Parawada, Anakapalli, near Visakhapatnam, Andhra Pradesh. The inspection was conducted from December 4, 2023 to December 12, 2023. We have been issued a Form 483 with five observations and the Company will address the observations within stipulated timelines," said the pharma firm.
The company reported an 84.1 percent year-on-year drop in consolidated net profit at Rs 37.12 crore in the July-September quarter of the current financial year.
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