IPCA Lab tanks on USFDA import alert;m-cap down by Rs 1,205 cr

Shares of IPCA Laboratories today settled for the day with losses of nearly 13 per cent on the BSE after import alerts were issued by the USFDA against two of its formulations manufacturing units.
During the day the shares of the company opened on a weak note and then tanked as much as 13.42 per cent to touch an intra-day low of Rs 658 on the BSE.
At the end of today's trading session, the stock was quoted at Rs 664.65, down 12.55 per cent on the BSE.
Following the decline in share price, the market capitalisation of the company declined by Rs 1,205.24 crore to Rs 8,385.90 crore.

IPCA Laboratories today said US FDA has issued import alert to two of its facilities at Pithampur in Madhya Pradesh and Piparia in Silvassa, which will affect its exports to the US.
Already, the US FDA had issued import alert to the company's active pharmaceutical ingredients (APIs) production unit at Ratlam in Madhya Pradesh in January this year for non-compliance of prescribed manufacturing norms.
In Form 483, US FDA inspectors raise concerns related to compliance of good manufacturing practise norms.
Moreover, the company said it had voluntarily decided to suspend API shipments from Ratlam manufacturing unit for the US market till the US FDA inspection observations issue is resolved.