Stocks

Cipla shares plunge nearly 6% after USFDA issues warning letter

PTI New Delhi | Updated on February 26, 2020 Published on February 26, 2020

Shares of drug firm Cipla tumbled nearly 6 per cent on Wednesday after the US health regulator issued a warning letter for its Goa manufacturing facility.

The shares plunged as much as 5.72 per cent to a low of ₹401 per unit on the BSE. Later, it was trading 1.49 per lower at ₹419 per unit. The shares of the company have been falling for the last three sessions. It has declined nearly 9 per cent since Thursday taking into account the today’s low.

On the NSE, it slumped 4.69 per cent to trade at ₹405.80. It was quoting at ₹419.50 apiece, down 1.48 per cent at 1120 hours. In terms of volume, the NSE saw an exchange of more than 40 lakh shares and the BSE witnessed a trade of 80,000 units till the mid-session.

The company, earlier in the day, said it had received a warning letter from the United States Food and Drug Administration (USFDA) for the Goa manufacturing facility. For the Goa manufacturing facility inspection, conducted from 16-27 September 2019, the company has received a warning letter from USFDA, it said in a regulatory filing.

Published on February 26, 2020
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