Aurobindo Pharma down 5% on USFDA warning letter for Hyderabad unit

Shares of Aurobindo Pharma slipped 5 per cent to Rs 684.50 on the BSE in Friday’s intra-day trade after the company said the has received a warning letter from the US Food and Drug Administration (USFDA) for its Unit I, an active pharmaceutical ingredient (API) manufacturing facility in Hyderabad.

At 12:30 pm; the stock traded 4 per cent lower at Rs 690, as compared to 0.40 per cent decline on the S&P BSE Sensex. The stock had hit a 52-week low of Rs 620.55 on November 11, 2021. The trading volume at the counter jumped over four-fold with a combined 4.13 million shares changing hands on the NSE and BSE.

On November 10, 2021, Aurobindo Pharma had said that the company received a communication from the USFDA classifying the inspection conducted at its Unit I (API) manufacturing facility in Hyderabad, India between August 2 to August 12, 2021 as Official Action Indicated (OAI), keeping the status unchanged.

This action follows the recent inspection of the Unit by the USFDA in August 2021. The company believes that this will not impact the existing business from this facility, Aurobindo Pharma said in a exchange filing today.

The company further said that it will be engaging with the regulator and is 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, it said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Reply

Your email address will not be published.

ninety  ⁄  fifteen  =