Indoco Remedies slumps on high volumes

Indoco Remedies fell 6.01% to Rs 228.50 at 11:21 IST on BSE, with the stock sliding on high volumes weighed by the company's Goa drug manufacturing plant getting seven observations from UK-MHRA.

The announcement was made after market hours yesterday, 27 March 2018.

Meanwhile, the S&P BSE Sensex was down 186.89 points, or 0.56% to 32,987.50.

The counter clocked high volumes on the BSE. 1.34 lakh shares were traded in the counter so far compared with average daily volumes of 35,000 shares in the past two weeks and 62,203 in the past one quarter.

The stock had hit a high of Rs 232.30 and a low of Rs 218.55 so far during the day. The stock hit a 52-week high of Rs 317 on 24 January 2018. The stock hit a 52-week low of Rs 179 on 31 May 2017.

Indoco Remedies announced that United Kingdom The Medicines and Healthcare Products Regulatory Agency (UK-MHRA) inspected the company's drug manufacturing facility (Plant l at L -14, Verna Industrial Estate, Verna, Goa) from 14 March 2018 to 16 March 2018. Subsequent to the inspection, the UK-MHRA issued observations, which include 3 critical and 4 major.

Goa Plant I manufactures solid dosages, liquid orals and external preparations. The company is committed to its philosophy of highest quality in manufacturing, operations, systems integrity and current good manufacturing practices (cGMP) culture. The company said it is fully committed in resolving the issue and will respond to UK-MHRA at the earliest within the stipulated time.

Net profit of Indoco Remedies rose 28.82% to Rs 22.66 crore on 0.73% rise in net sales to Rs 274.19 crore in Q3 December 2017 over Q3 December 2016.

Indoco Remedies is a fully integrated, research-oriented pharma company engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).

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