Natco Pharma dives 15% on USFDA observations

Shares of Natco Pharma today nosedived nearly 15 per cent after the company received 483 observations from the USFDA after inspection of its two manufacturing facilities.
The stock plunged 14.38 per cent to Rs 401 on the BSE.
On the NSE, shares of the company tumbled 14.77 per cent to Rs 400.10.
An inspection was conducted by the US Food & Drug Administration (USFDA) at two of its facilities recently -- the Active Pharmaceutical Ingredients (API) manufacturing facility at Manali, near Chennai, and the Pharmaceutical Formulations facility at Kothur, near Hyderabad, in early February and March respectively, Natco said in a statement yesterday.

Natco has already sent response and compliance report for these observations and believes that there would be no adverse impact to its current or future pipeline products coming from these facilities, it added.