Aurobindo Pharma shares tank 16 pc

Shares of drug firm Aurobindo Pharma on Monday plunged nearly 16 per cent after the company said its unit-IV facility in Hyderabad is still under the review of USFDA.

The company on Friday said the inspection conducted by the US Food and Drug Administration (USFDA) from November 4 to 13, 2019, at the said facility is still open and under review.

Reacting to the development, the stock plummeted nearly 18 per cent to Rs 491.90 on the BSE. It closed the day 15.96 per cent lower at Rs 503.85 per unit.

On the NSE, the scrip hit intra-day low of Rs 489.40, down 18.3 per cent. It settled at Rs 506.65, 15.52 per cent lower over the previous close.

In terms of volume, more than 1.7 crore shares of the company exchanged hands on the NSE, while 6.25 lakh units were traded on the BSE.

The spurt in volume was more than 1.49 times during the day on the BSE.

The company's market capitalisation declined by more than Rs 5,600 crore to Rs 29,522.52 crore.

The company has received a communication that the inspection conducted by the USFDA at unit-IV, from November 4 to 13, 2019 is "still open and under review, by way of rescindment of 90-day VAI (voluntary action initiated) letter that was issued by them on February 18, 2020," Aurobindo Pharma said in a filing to the BSE on Friday.