Ipca Lab tanks 16% intraday, trims most of early losses later

Shares of Ipca Laboratories staged a significant recovery after a massive intra-day plunge of over 16 per cent after the company received a warning letter from the US health regulator for its three facilities.
After plunging 16.27 per cent to Rs 560, its 52-week low on BSE during the day, the stock later saw some recovery and finally ended 2.02 per cent lower at Rs 655.35.
On NSE, shares of the company settled at Rs 655.15, down 2 per cent from its previous close.
The company's market valuation fell by Rs 171.38 crore to Rs 8,268.62 crore.
Drug firm Ipca Laboratories has received warning letter from the US health regulator for three facilities on which the regulator had earlier imposed an import ban for not adhering to the good manufacturing norms.

"We wish to inform you that United States Food and Drug Administration (USFDA) has now issued a warning letter to these manufacturing units," Ipca Laboratories said in a BSE filing.

The company is fully committed in resolving the issue at the earliest, it added.
The company, however, did not provide the details of the warning letter.
Earlier in regulatory filings to the bourses, Ipca had said that USFDA after inspections at its manufacturing units situated at Ratlam, SEZ Indore and Piparia had issued Form 483 observations "which subsequently resulted in issuance of import alert on these manufacturing units.