Alkem Labs dips 11% as USFDA issues 13 observations for Daman facility

The stock dipped 11% to Rs 1,858 on the BSE in intra-day trade on back of heavy volumes.

Shares of Alkem Laboratories have dipped 11% to Rs 1,858 per share on the BSE in intra-day trade after the company said it has received a Form 483 with 13 observations from the US Food & Drug Administration (FDA) for its manufacturing facility at Amaliya, Daman.

“The US FDA had conducted an inspection at the Company's manufacturing facility located at Amaliya, Daman, India from 19th March, 2018 to 27th March, 2018. Post the inspection, the Company has received a Form 483 with thirteen observations,” Alkem Labs said in a regulatory filing.

The company shall put together a detailed