Granules dives 10% on observations from Portugal authority

Shares of drug firm Granules India today plunged nearly 10 per cent after the company received 11 observations from Portugal's health authority INFARMED for its manufacturing facility located at Gagillapur in Telangana.
The stock dived 9.84 per cent to end at Rs 101.20 on BSE. Intra-day, it dropped 12.87 per cent to Rs 97.80.
At NSE, shares of the company plummeted 9.84 per cent to end at Rs 101.20.
On the volume front, 12.23 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
INFARMED had conducted a renewal inspection of the facility.

"In this respect, the company has received the inspection report with 11 observations," Granules India said in a regulatory filing on Friday.
The plant manufactures pharmaceutical formulation intermediates (PFIs) and finished dosages.
The company said it has initiated necessary steps to address the observations of the inspection agency and will submit its response with a corrective and preventive action plan within the stipulated time.