Torrent Pharma shares recover lost ground, gain over 1 pc

Shares of Torrent Pharmaceuticals recovered from early losses to settle over 1 per cent higher despite the company receiving a warning letter from the US health regulator for its Indrad facility in Gujarat.

During the day, stock of the drug firm slumped 6.69 per cent to Rs 1,554.65. However, it managed to pare early losses to settle 1.44 per cent higher at Rs 1,690.10 on the BSE.

On the NSE, the scrip touched intra-day low of Rs 1,555, down 6.67 per cent, before recovering to close 1.43 per cent higher at Rs 1,690.

The company on Wednesday said it has received a warning letter from the US health regulator for its Indrad facility in Gujarat.

This action by the United States Food and Drug Administration (USFDA) follows earlier intimation received from the regulator in August, wherein the agency had classified its inspection as "Official Action Indicated" (OAI), Torrent Pharma said in a regulatory filing on Wednesday.

The company does not believe that the warning letter will have an impact of disruption of supplies or the existing revenues from operations of this facility, it added.