Cipla rebounds 13% from 52-week low on heavy volumes

The United States Food and Drug Administration (USFDA) conducted a cGMP (current good manufacturing practices) inspection at the company's Goa manufacturing facility from September 16-27, 2019.

Shares of Cipla gained 5 per cent to Rs 442, thus bouncing back 13 per cent from its early morning low on the BSE on Friday as, according to analysts, the USFDA's inspection of Goa facility found no repeat or data integrity (DI) observations, so there is no chance of import alerts at the plant.

The stock of the pharmaceutical company hit a 52-week low of Rs 390 in the intra-day trade. The trading volumes on the counter jumped seven-fold with a combined 16.6 million shares, representing 2 per cent of the total equity of Cipla, changing hands on