Stocks

Aurobindo Pharma shares fall nearly 4% after warning letter from USFDA

PTI New Delhi | Updated on June 21, 2019 Published on June 21, 2019

Shares of Aurobindo Pharma fell by nearly 4 per cent on day after the company received a warning letter from the US health regulator for one of its units in Srikakulam district in Andhra Pradesh.

The scrip declined 3.92 per cent to close at Rs 602.35 on the BSE. During the day, it dropped 7.68 per cent to Rs 578.75. On NSE, shares of the company fell by 3.85 per cent to close at Rs 603. In terms of traded volume, 4.47 lakh shares of the company changed hands on the BSE and over 74 lakh shares were traded on the NSE during the day.

The company has received a warning letter from the United States Food and Drug Administration (USFDA) relating to our unit XI, active pharmaceutical ingredient (API) manufacturing facility situated at Srikakulam District, Andhra Pradesh.

This action follows the earlier inspection of the site by the USFDA in February 2019, Aurobindo Pharma said in a BSE filing. Aurobindo Pharma said it “believes the existing business from this facility will not be impacted“.

“We will be engaging with the regulator and are fully-committed in resolving this issue at the earliest. The company is also committed to maintaining the highest quality manufacturing standards at all of its facilities across the globe,” the company added.

Published on June 21, 2019
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