Aurobindo Pharma drops on buzz of USFDA observations

Aurobindo Pharma fell 16.49% to Rs 473.65 on reports that the US drug regulator issued Form 483 to the company's unit 7 in Telangana.

According to reports, the US Food and Drug Administration (USFDA) issued a Form 483 with 7 observations to the company's unit 7 in Telangana citing lack of good manufacturing practices. The observations related to control procedures, documentation, equipment cleanliness and quality control, reports added.

Shares of Aurobindo Pharma slipped 18.32% in two trading sessions to its current market price of Rs 473.65, from a recent closing high of Rs 579.90 on 3 October 2019.

Meanwhile, the S&P BSE Sensex was up 73 points or 0.19% to 37,746.56.

On the BSE, 9.97 lakh shares were traded in the counter so far compared with average daily volumes of 74,105 shares in the past two weeks. The stock hit an intraday high of Rs 564.25. It hit an intraday low of Rs 462.15, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 838 on 30 April 2019.

Aurobindo Pharma's consolidated net profit jumped 41.6% to Rs 645.18 crore on 28.1% surge in net sales to Rs 5,356.84 crore in Q1 June 2019 compared with Q1 June 2018.

Aurobindo Pharma is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs).

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