Glenmark stock tumbles to 52-week low on USFDA warning letter to Baddi unit

Plant accounts for 7 per cent of company's US sales; firm says no major pending approvals from unit in the next 12 months

In a setback to Glenmark Pharmaceuticals, its dermatology facility at Baddi, Himachal, received a warning letter from the US drug regulator, which set the stock tumbling to a 52-week low in morning trade. The plant accounts for seven per cent of the company's US sales.

The stock is down 9.6 per cent to Rs 285.15 in morning trade.

The Baddi facility which makes dermatological formulations was inspected between April 15-20 this year and was subsequently classified as 'official action indicated' by the US Food and Drug Administration (USFDA).

Glenmark said that the existing manufacturing and sale of products from this facility will not