Natco Pharma stock plunges 13% on USFDA observations

Shares of Natco Pharma plummeted 13 per cent today after the company received 483 observations from the USFDA after inspection of its two facilities.
The stock tumbled 12.61 per cent to close at Rs 409.30 on BSE. During the day, it slumped 14.38 per cent to Rs 401.
On NSE, the shares plunged 13 per cent to end the day at Rs 408.20.
On the volume front, 5.87 lakh shares traded on BSE while over 45 lakh shares changed hands on NSE.
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.

"The company has received 483 observations for both facilities and believes them to be of minor in nature," it had said.
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.