Glenmark Pharma slips 7% after US FDA issues warning letter for Baddi unit

The USFDA had inspected the company's Baddi facility between April 15 and April 20 and had earlier classified the inspection as an "Official Action Indicated".

Shares of Glenmark Pharmaceuticals slipped 7 per cent on the BSE to hit an over seven-year low of Rs 294 in the morning deals on Monday after the drug firm said it has received a warning letter from the US health regulator for its Baddi facility in Himachal Pradesh. The stock was trading at its lowest level since March 15, 2012 on the BSE.

"The United States Food and Drug Administration (US FDA) had inspected the company’s Baddi facility between April 15 and April 20 and earlier classified the inspection as an 'Official Action Indicated (OAI)'. With regards to the