NEW DELHI: Shares of Ipca Laboratories slipped nearly 15 per cent in early trade after almost all drugs manufactured by the pharma company at its facilities at Pithampur, Silvassa and Ratlam have been banned from the US market by the country’s health regulator.
The US Food and Drug Administration (USFDA) cited violation of current good manufacturing norms for taking the step against the company.
The scrip was trading 12.07 per cent down at Rs 421.20. Shares of the company opened at Rs 464 and touched a high and low of Rs 468 and Rs 437, respectively, in trade so far. Benchmark BSE Sensex was up 65 points, or 0.21 per cent, at 31,140 at around the same time.
The ban on all drugs made at Pithampur (Madhya Pradesh) and Silvassa (Dadra and Nagar Haveli) will continue "until the company can demonstrate that the drugs manufactured from these manufacturing sites and intended for the US market are in compliance with cGMP," Ipca Laboratories said.
On the BSE, 2.29 lakh shares were traded on the counter so far as against the average daily volumes of 5,072 shares in the past two weeks.
Shares of the company had fresh 52-week high of Rs 656 on April 5, 2017 and 52-week low of Rs 435 on June 24, 2016.
Source: Economictimes.indiatimes.com
