Ipca Lab tanks on finding quality issues at Indore unit

Ipca Laboratories has tanked 13% to Rs 401 after the company said that it has noticed a few non-conformances at the Indore manufacturing unit during the course of the internal quality assurance review.

“During the course of the internal quality assurance review at its oral solid dosage formulations manufacturing facility situated at Pharmazone, SEZ Indore, Madhya Pradesh, it had noticed a few non-conformances at the said manufacturing unit,” Ipca Laboratories said in a filing.

“No dosage formulations manufactured at this manufacturing unit will be commercialized for the US market, till such time this issue is resolved to the satisfaction of the US FDA,” it added.

 

The company has voluntarily referred these to the US FDA and the same is under discussion with them for an appropriate resolution. The company earlier stated that the US FDA had found acceptable its Indore formulations manufacturing facility after inspection.

The stock opened at Rs 459 and hit a high of Rs 463 in morning trades on the BSE.  A combined 821,675 shares have already changed hands on the counter so far against an average around 250,000 shares that were traded daily in past two weeks.