Granules India slips after USFDA observations

Granules India fell 1.2% to Rs 90.50 after the company's Virginia plant received two minor observations after the US drug regulator completed its inspection.

Granules India announced that US Food and Drug Administration (USFDA) has completed inspection of the facility of Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the company located in Chantilly, Virginia, USA on 21 August 2019 with 2 minor observations. This is a pre-approval inspection for seven products filed from this facility. Granules Pharmaceuticals, Inc. will respond to these observations within the stipulated time period. The announcement was made during trading hours today, 22 August 2019.

Shares of Granules India fell 4.02% in three trading sessions to its current market price of Rs 90.50, from a recent closing high of Rs 94.30 on Monday, 19 August 2019.

On the BSE, 17,000 shares were traded in the counter so far compared with average daily volumes of 30,000 shares in the past one quarter. The stock had hit a high of Rs 92.30 and a low of Rs 88.80 so far during the day.

The stock hit a 52-week high of Rs 123.35 on 10 September 2018. The stock hit a 52-week low of Rs 79 on 10 December 2018.

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