Alkem Laboratories shares jump nearly 6%; m-cap up by Rs 15.23 billion

USFDA has issued an EIR for the company's manufacturing facility at Baddi, Himachal Pradesh, says Alkem Labs

Shares of Alkem Laboratories on Wednesday soared nearly 6 per cent after the company said it has received an establishment inspection report (EIR) from the US health regulator on closure of inspection of its Baddi facility.

The stock surged 5.74 per cent to end at Rs 2,347.70 on BSE. During the day, it gained 11.15 per cent to Rs 2,468 - its 52-week high.

At NSE, shares of the company soared 4.56 per cent to close at Rs 2,323.60.

The company's market valuation went up by Rs 15.23 billion to Rs 280 billion.

The US Food and Drug Administration (USFDA) has issued an EIR for the company's manufacturing facility at Baddi, Himachal Pradesh, Alkem Labs said in a regulatory filing.

USFDA had inspected the plant from September 11-15, 2017.

It releases a copy of EIR to the establishment that is subject of an FDA or FDA-contracted inspection when the agency determines the same to be closed.