FDC stock down 4% post USFDA observations

Shares of drug firm FDC Ltd settled with losses of nearly 4 per cent today following USFDA's inspection at the company's manufacturing facility in Aurangabad.

FDC had said in a regulatory filing yesterday that its sterile ophthalmic facility located MIDC Industrial Area in Waluj, Aurangabad, Maharashtra, had recently undergone inspections.

"However, the company continues to export its Ophthalmic products to USA market," it said.

The FDC stock opened at Rs 242, then lost further ground and fell to a low of Rs 232.30, down 7.74 per cent over its previous closing price.

At close, the stock was quoted at Rs 241.70, down 4.01 per cent.

On NSE, the stock opened at Rs 238, then fell to a low of Rs 232 and finally settled for the day at Rs 242.80, down 3.86 per cent.

The USFDA inspection was carried out in relation to the Ophthalmic products being exported to USA market. The USFDA has made 8 observations (483's) for which appropriate response will be submitted by the company, the FDC filing said.

As per the USFDA, an FDA Form 483 is issued to firm management at the conclusion of an inspection when investigators have observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.