Stocks

Aurobindo Pharma shares down over 8% on US FDA observations

BL Internet Desk | Updated on November 14, 2019 Published on November 14, 2019

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Aurobindo Pharma declined sharply on the stock exchanges today after the US drug regulator issued a 'Form 483' with 14 observations to the company's facility in Hyderabad.

Aurobindo shares slumped 8.86% to Rs 394.40 on the BSE today. Volumes jumped nearly two-fold to 4.52 lakh shares as compared to average volume of 2.61 lakh shares for the last two-week period.

The company in its filing to the BSE stated: "Pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform you that the United States Food and Drug Administration (US FDA) inspected Company's Unit IV, a general injectable formulation manufacturing facility situated at Pashamylaram, Hyderabad, from 4th to 13th November 2019."

It further added: "At the end of the inspection, we have been issued a 'Form 483' with 14 observations. We believe that none of these observations are related to data integrity issues. The Company will respond to the US FDA within the stipulated timeline."

 

 

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Published on November 14, 2019
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