Aurobindo Pharma hits 52-week low after USFDA issues six observations

Aurobindo Pharma fell 0.84% to Rs 598 after the drug maker was issued a 'form 483' with six observations from the United States Food and Drug Administration (USFDA) for the oral manufacturing facility situated at Jedcherla, Hyderabad.

The Hyderabad-based facility of the company was inspected from 2 May 2022 to 10 May 2022. The drug company assured that it will respond to the USFDA observations within the stipulated timeline and work closely with US FDA to close the observations.

Shares of Aurobindo Pharma hit a 52 week low at Rs 581 in intraday today. The counter is down 45% from its 52-week high of Rs 1063. 75 posted on 11 May 2022.

Aurobindo Pharma develops, manufactures and distributes generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients.

The company's consolidated net profit slumped 79.5% to Rs 604.29 crore on a 5.7% decline in net sales to Rs 5,949.83 crore in Q3 FY2022 over Q3 FY2021.

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