Cipla hits 52-week low after USFDA inspection

Shares of Cipla dropped after it informed that the United States Food and Drug Administration (USFDA) had conducted a cGMP inspection at its Goa manufacturing facility from 16 to 27 September 2019.

Shares of Cipla lost 3.64% to Rs 423.45. On the BSE, 28,000 shares were traded in the counter so far compared with average daily volumes of 84,000 shares in the past two weeks. The stock has hit an intraday low of Rs 423.35, which is also a 52-week low for the scrip. The scrip hit a high of Rs 432 so far during the day. It's 52-week high of Rs 663.45 was scaled on 3 October 2018.

Cipla announced on Saturday, 28 September 2019 that the inspection ended with 12 observations, none of which are related to data integrity. The company will respond to the agency within the stipulated timeline.

Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in its markets like India, South Africa, North America, and key regulated and emerging markets. The company's strengths lie in the respiratory, anti-retroviral, urology, cardiology, anti-infective and central nervous system agents (CNS) segments.

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