Glenmark shares hit 52-week low on USFDA warning letter

Shares of Glenmark Pharmaceuticals tumbled nearly 10 per cent and hit its 52-week low level on the bourses on Monday after the company received a warning letter from the US health regulator for its Baddi facility in Himachal Pradesh.

Shares of the drug firm fell to its 52-week low level of Rs 284.40, on the BSE, registering a decline of 9.90 per cent over its previous closing price.

The scrip however, gathered some lost ground and was trading at Rs 289.25, down 8.36 per cent.

Similar movement was seen on the NSE as well, where the stock fell to its 52-week low level of Rs 284.10, down 9.94 per cent over its last close.

The shares of the company were later trading at Rs 286.75, down 9.10 per cent.

Drug firm Glenmark Pharmaceuticals on Saturday said it has received a warning letter from the The United States Food and Drug Administration (USFDA) for its Baddi facility in Himachal Pradesh.

USFDA had inspected the facility between April 15 and April 20, Glenmark said in a BSE filing on Saturday.

"The company is committed to work along with the USFDA to implement all the necessary corrective actions required to address the concerns raised in the letter and is in the process of preparing a detailed response to the USFDA within 15 working days," Glenmark said.