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Shares of IPCA Laboratories slumped 10.4% to Rs 668 on the BSE as Credit Suisse downgraded the stock to "underperform" from "neutral", citing negative USFDA observations.
US Food and Drug Administration (USFDA) issued Form-483 for the company's Indore SEZ. FDA's observations are on IPCA's Indore facility, Credit Suisse said.
Previously, IPCA had discontinued manufacturing voluntarily at its Ratlam facility after USFDA noticed serious issues at its Ratlam API facility.
The stock opened at Rs 725, touched a high of Rs 728 and a low of Rs 635 on the BSE. A total of 394,218 shares have changed hands on the BSE.
