Natco Pharma slips on USFDA observations
The stock slipped 11% to Rs 417 on the BSE in early morning trade.
 "Natco Pharma slips on USFDA observations")
Natco Pharma has slipped 11% to Rs 417 on the BSE in early morning trade, after the drug maker said it has received “minor” observations by US Food & Drug Administration (USFDA) following recent inspections at its two facilities and they will not have an adverse impact on its current or future products.
An inspection was conducted by the USFDA in two of its facilities recently -- the Active Pharmaceutical Ingredients (API) manufacturing facility at Manali, near Chennai, and the Pharmaceutical Formulations facility at Kothur, near Hyderabad, in early February and March respectively, Natco said in a statement.
An inspection was conducted by the USFDA in two of its facilities recently -- the Active Pharmaceutical Ingredients (API) manufacturing facility at Manali, near Chennai, and the Pharmaceutical Formulations facility at Kothur, near Hyderabad, in early February and March respectively, Natco said in a statement.
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"The company has received 483 observations for both facilities and believes them to be of minor in nature. The company has already sent response and compliance report for these observations and believes that there would be no adverse impact to its current or future pipeline products coming from these facilities”, it added.
At 09:21 AM, the stock was down 8% at Rs 430 on the BSE as compared to 0.01% rise in the S&P BSE Sensex. A combined 429,172 shares changed hands on the counter on the NSE and BSE.