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Aurobindo Pharma slides after Hyderabad unit receives USFDA observations

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Aurobindo Pharma declined 4.92% to Rs 621.90 at 15:29 IST on BSE after the company said it has received 10 observations from the US health regulator for its Unit 3 in Hyderabad.

Meanwhile, S&P BSE Sensex was down 553.82 points or 1.38 % at 39,529.72.

On BSE, 3.30 lakh shares were traded in Aurobindo Pharma counter, compared to a 2-week average of 1.51 lakh shares. The share price hit an intraday high of Rs 655 and an intraday low of Rs 621.45. It hit a 52-week high of Rs 838 on 30 April 2019 and a 52-week low of Rs 529.55 on 5 June 2018.

Aurobindo Pharma clarified that the United States Food and Drug Administration (USFDA) had conducted an inspection at the company's Unit III, a formulation manufacturing facility located at Bachupally, Hyderabad from 13 May 2019 to 24 May 2019. In this regard, the company has received a Form 483 with ten observations. None of the observations are repetitive and are more procedural in nature. The company will be responding to the USFDA within the stipulated time. The Form 483 will not have an impact on existing business of this facility.

On a consolidated basis, Aurobindo Pharma's net profit rose 15.7% to Rs 611.32 crore on a 30.4% rise in net sales to Rs 5201.98 crore in Q4 March 2019 over Q4 March 2018.

Aurobindo Pharma manufactures active pharmaceutical ingredients and formulation products.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 06 2019. 15:35 IST
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