IPCA Lab stock slumps 16 per cent

Shares of IPCA Laboratories slumped nearly 16 per cent to hit its 52-week low in early trade amid reports of stock downgrade.
The company's stock tumbled 14.91 per cent to Rs 635 - its 52-week low on the BSE.
On the NSE, it tanked 15.66 per cent to hit its one-year low of Rs 630.
As per media reports, Credit Suisse has downgraded the stock to "underperform" from "neutral", citing negative USFDA observations.
The US Food and Drug Administration (USFDA) has issued Form-483 for the company's Indore SEZ, reports said.
"It has been reported, that there are 6 observations on Indore SEZ in Form 483 out of which 2 are critical observations," said Sarabjit Kour Nangra, VP Research - Pharma, Angel Broking.

"The stock has declined significantly after the news," she said.
Earlier in July, 2014, the USFDA had released Form 483 for its Ratlam active pharmaceutical ingredients (APIs) facility, which listed six serious deviations from current good manufacturing practices (cGMP) on quality and training, Nangra added.
The company's stock reportedly downgraded post critical 483 observations.