Sequent shares slip 3% on Maharashtra FDA suspension move

Shares of Sequent Scientific fell nearly 3 per cent today after the Maharashtra Food and Drug Administration (FDA) ordered suspension of manufacturing at the firm's Mahad facility for 15 days, starting July 1.
The stock of the drug firm plummeted 2.57 per cent to settle at Rs 140.50 on BSE. During the day, it dropped 6.38 per cent to Rs 135.
On NSE, it declined by 2.58 per cent to close at Rs 141.20.
In a regulatory filing, the company said after inspection, FDA has passed an order to suspend manufacturing licences at Mahad unit for 15 days, from July 1 to July 15, 2016.

"All of the procedural matters have been addressed by the company, and as a process, we have filed an appeal with the minister of health and medical education of Maharashtra for staying and subsequent revocation of this order," Sequent Scientific said.
The company is hopeful of getting the process completed in the next couple of days, it added.
In the meantime, the unit continues to operate and the company expects no business interruptions, it said.