Aurobindo Pharma dips 5% on reports of USFDA observations

Shares of Aurobindo Pharma slumped more than 5 per cent in morning trade amid reports that the company has received observations from the US health regulator for one of its Hyderabad units.
According to a media report, the US Food and Drug Administration (USFDA) has issued Form 483 with 9 observations to Aurobindo Pharma's unit 4 in Hyderabad, citing serious deficiencies in maintaining the manufacturing quality standards.
The stock opened on a weak note at Rs 605.40, then fell to an intra-day low of Rs 590, down 5.46 per cent over its previous closing price.
Similar movement was seen on NSE, where the stock opened at Rs 603.10, then fell to an intra-day low of Rs 590, down 5.46 per cent over its last close.

The FDA representatives had inspected the facility between February 12-20, 2018, the report added.
Meanwhile, the broader market was trading in the negative territory, down 321 points.